Croatia's INA oil company and Hungary's MOL on Tuesday signed an agreement whereby INA has taken over 33.50% of Energopetrol's stock which until now was owned by MOL, thus increasing its share in the Sarajevo-headquartered company to 67% and making it the majority owner of this Bosnian oil company, INA reported on Tuesday.
"INA and MOL signed an agreement on gaining shares in Energopetrol by which INA has taken over 1,840,128 shares or 33.50% of Energopetrol's shares owned by MOL. With this transaction, INA has increased its ownership share in Energopetrol to 67% and has become the majority owner of that company and its financial results have been consolidated with the results of the INA Group," INA says in a press release.
INA underscored that with the acquisition in Energopetrol, INA has further positioned itself on the market in Bosnia and Herzegovina and that it has confidence in the long-term prospects of Energopetrol on the Bosnian market.
"In this way, INA has become the largest individual distributor of petroleum products in Bosnia and Herzegovina with a total of 101 active petrol stations in its retail network. The INA management board made this business decision based on its familiarity with market circumstances in Bosnia and Herzegovina with the aim of further developing its regional position which could have a positive impact on INA's business and the placement of INA's high-quality products on the Bosnian market," the press release says.
The INA-MOL consortium in 2006 bought a majority share of 67% in Energopetrol from the Bosnian Federation government whereby each partner (INA and MOL) owned 33.5% of the shares in that company. The INA-MOL consortium paid a total of 36 million euro for the ownership package, 30.79 million euro was paid in as fresh capital in the company and the remainder was paid to the federal government.