The INA-MOL consortium has fully met all the obligations under the agreement to recapitalise the Bosnian oil company Energopetrol, the Croatian oil company INA said on Tuesday in response to a recent article in the Sarajevo-based Dnevni Avaz daily which accused the Croatian-Hungarian consortium of siphoning funds from Energopetrol.
INA said in a statement that the independent international audit firm Deloitte had confirmed in its report, made at the request of the government of the country's Bosniak-Croat entity known as the Federation of Bosnia and Herzegovina, that the INA-MOL consortium had fully honoured its commitments under the recapitalisation agreement.
The consortium has invested slightly over 150 million convertible marks (KM) in the development of Energopetrol, including 62.3 million in the modernisation of Energopetrol's retail network, and will continue further investments in the period ahead, INA said.
It dismissed as "completely untrue" the accusations about the consortium's earnings. The reported amount of KM 2 billion represents the company's revenue which was solely at Energopetrol's disposal, rather than the profit that would have allegedly benefited the small shareholders, the statement said.
INA said that the consortium was ready to address all the open issues in constructive dialogue with the Federation government to ensure successful operation of Energopetrol in the long term.
Dnevni Avaz said last Wednesday that the Federation government considered that the Croatian-Hungarian consortium had not met its obligations under the recapitalisation agreement and had caused additional damage to the Sarajevo-based company by misrepresenting investments, whereby it earned more than 200 million euros. The newspaper said that the consortium had not invested 76.7 million euros as provided for under the 2006 sales agreement.
INA denied that the author of the article had contacted the consortium to check the accusations, saying that no such query had been addressed through official channels.