- Published: 19.01.2017.
Croatia sets up council for talks with MOL on INA buyout
Croatia's government on Thursday decided to establish an eight-member council for negotiations with Hungary's MOL on the buyout of INA and the council will be chaired by Prime Minister Andrej Plenkovic.
The council, which also comprises the ministers of foreign affairs, finance, state property management, environment protection and energy, justice and of labour, will outline guidelines for the talks, take necessary measure as well as suggest which decisions to be made by the government concerning the preparation, implementation and financing of the procedure for possible buyout of MOL's stock in the leading Croatian oil and gas group, in which its Hungarian peer holds some 49% and the Croatian government about 44%.
"Being the chairman of the council, I will also be able to invite other experts to participate in the council's work," Plenkovic said at his cabinet's meeting in Zagreb.
"This way, we are making our political decision operational."
The premier called on all who think that they have a good model how to finance this transaction to propose it in the public and put forward to his cabinet.
"The council will consider all options and choose the best, most efficient and feasible option, taking care that the transaction should not create a new public debt," the premier said.
In late 2016, Plenkovic said that the Croatian government had decided to regain ownership of the INA oil and gas company by buying the entire stake held by the Hungarian energy group MOL, after Zagreb lost the lawsuit it filed against MOL before the Arbitral Tribunal of the United Nations Commission on International Trade Law (UNCITRAL) in Geneva.
The Hungarian company has said that it is open for the talks on INA's future and is waiting for an official notification from Zagreb.
Text: Hina