Ina-MOL

PM says Croatia has requested that arbitration ruling in Croatia-MOL case be quashed

Prime Minister Andrej Plenkovic confirmed on Wednesday that Croatia had asked that the December 23 ruling of the United Nations Commission on International Trade Law (UNCITRAL) Arbitral Tribunal, which dismissed as unfounded Croatia's claims against the Hungarian oil and gas group MOL regarding the jointly owned oil company INA, be quashed.

PM: Appeal to arbitration ruling on INA not running late

Prime Minister Andrej Plenkovic reiterated on Thursday that the deadline to file an appeal against an arbitration ruling in the INA-MOL dispute, delivered by the Arbitral Tribunal of the United Nations Commission on International Trade Law (UNCITRAL) in Geneva, is February 1 and that the appeal is not running late and at the same time, activities in the arbitration procedure in Washington are continuing.

Sanader: Arbitration ruling in INA-MOL case is a satisfaction

Former prime minister Ivo Sanader on Tuesday told reporters that the arbitration ruling in the INA-MOL case was satisfying for him because it confirmed everything he had been saying to the public and courts.

Croatian PM to meet with HEP unions regarding INA buyout model

Prime Minister Andrej Plenkovic announced on Saturday that he would soon meet with leaders of the unions active in the state-owned HEP power company and explain to them the government's plan for the buyout of MOL's stake in INA through the sale of a stake in HEP, stressing that the move would not be damaging to the HEP workers.

Szijjarto says Hungary must be reimbursed for money invested in INA

The Croatian government must reach an agreement with the Hungarian energy group MOL on a buyout of its stake in Croatia's INA but the money Hungary has invested in INA must be reimbursed, Foreign Minister Peter Szijjarto has said, Hungarian media reported on Thursday.

INA and Deloitte to analyse options for sustainable business at Sisak

The INA oil company has chosen the Deloitte consulting firm to identify and analyse options for sustainable business for its Sisak refinery, and the project will be carried out in cooperation with the company's experts and in consultation with the trade unions, INA said in a statement on Thursday.

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.

PM says hasn't heard of any better model for INA buyout than HEP IPO

Prime Minister Andrej Plenkovic repeated in the parliament on Tuesday that the government planned to buy back Hungarian oil and gas company MOL's stake in INA, adding that so far he had not heard "of any better or more efficient model (of purchase) that would not include an increase in public debt, than the proposal for an initial public offering of 25% minus one share of the HEP power company."

PM says Croatia will challenge arbitral ruling in INA-MOL case

Croatian Prime Minister Andrej Plenkovic has said that Zagreb will contest a recent ruling by the Arbitral Tribunal of the United Nations Commission on International Trade Law (UNCITRAL), which dismissed as unfounded Croatia's claims against MOL in a case concerning the Croatian oil company INA, jointly owned by Croatia and MOL.

MOL publishes parts of arbitration ruling in INA case

The Hungarian oil and gas group MOL on Thursday evening published a statement on the Budapest Stock Exchange containing parts of a recent ruling by the Arbitral Tribunal of the United Nations Commission on International Trade Law (UNCITRAL) which dismissed as unfounded Croatia's claims against MOL in a case concerning the Croatian oil company INA, jointly owned by Croatia and MOL.

HDZ Presidency and National Council support government plan to buy back INA

The Presidency and National Council of the ruling Croatian Democratic Union (HDZ) at its meeting on Monday strongly supported the government's plan to regain ownership of the INA oil and gas company.

Bridge MP doesn't find referendum on HEP sale most fortunate solution

The chairman of the parliamentary club of the Bridge party's lawmakers, Miroslav Simic, said on Monday he was not sure that a referendum on the sale of a certain amount of shares in the state-owned HEP power provider would be the happiest solution, insisting that decisions regarding this matter should be made by the government.

INA is a smoke screen to privatise HEP, says SDP leader

Social Democratic Party leader (SDP) Davor Bernardic said on Wednesday that the planned takeover of MOL's shares in Croatia's INA oil company was a smoke screen to privatise the country's electricity power provider HEP, which would lead to higher prices of electricity and Croatia losing its energy independence.

Minister: INA buyout, IPO for HEP to strengthen Croatia's energy independence

Economy Minister Martina Dalic of the Croatian Democratic Union (HDZ) has said that the decision to buy out MOL's stock in INA and list 25% shares minus one share of the HEP power provider on the stock exchange will make Croatia's energy security and independence stronger and that all relevant decisions will be made in cooperation with the coalition partner, the Bridge party.

SDP finds planned HEP privatisation for INA unacceptable

Social Democratic Party (SDP) parliamentarian Pedja Grbin said on Saturday that a model outlined by Prime Minister Andrej Plenkovic for an initial public offering (IPO) of HEP power company shares to ensure funds for buyout of MOL's interest in INA was unacceptable for the strongest Opposition party.

Croatian PM says his gov't considering IPO model for INA buyout

We want INA to be a company with oil and gas reserves and to be relevant also outside Croatia, he said, adding that the government and experts were analysing the situation in INA in detail.

INA to be mulled by gov't, company says it has only public info

The Croatian government will discuss in detail the latest developments regarding INA at its closed-door session today and the decision of the the Arbitral Tribunal of the United Nations Commission on International Trade Law (UNCITRAL), Prime Minister Andrej Plenkovic said at the start of a meeting of his cabinet on Thursday morning.

Regulator: PM's satement doesn't infer obligation to publish bid for INA takeover

The Croatian Financial Services Supervisory Agency (HANFA) said on Wednesday that Prime Minister Andrej Plenkovic's recent statement about the government's plan to buy out the Hungarian oil company MOL's interest in INA did not infer an obligation to publish a bid for the takeover of INA.  

State Prosecutor's Office dismisses judge's INA-MOL claims

The State Prosecutor's Office (DORH) on Tuesday dismissed as incorrect, wrong and legally unfounded the claims by the new Zagreb County Court president, Judge Ivan Turudic, that DORH had one year after former Prime Minister Ivo Sanader was sentenced in the INA-MOL case to file a suit for voiding the shareholders' agreement between the Croatian government and Hungary's MOL energy group.

Nonparl. party "Smart" against buying out MOL's interest in INA

The non-parliamentary party "Pametno" ("Smart") on Tuesday criticised the announcement made by Prime Minister Andrej Plenkovic that Croatia should buy out the MOL-held share in INA as "an extremely bad decision for the future of Croatia".

MOL says is open for talks on INA's future

MOL has always been and remains open for any discussion about the future of the Croatian oil and gas company INA and, with regard to Prime Minister Andrej Plenkovic's statement on Croatia's intention to buy back the whole of MOL's stake in INA, MOL is awaiting Croatia's official notice about this, the Hungarian energy group MOL said on Saturday.

Croatia announces plan to regain ownership of INA

The Croatian government has decided to regain ownership of the INA oil and gas company by buying the entire stake held by the Hungarian energy group MOL, Prime Minister Andrej Plenkovic announced at a press conference in Zagreb on Saturday evening.

EC requests Croatia to align INA privatisation law with EU law

The European Commission on Thursday requested Croatia to amend the 2002 law on the privatisation of INA-Industrija Nafte on the grounds that it violates the free movement of capital and the freedom of establishment.

Minister says buying controlling interest in INA worth the challenge

State property Minister Goran Maric said in an interview with the Jutarnji List daily on Saturday that the INA oil company was strategic company and purchasing a controlling interest in the company was worth the challenge, adding the smaller state-owned stakes in other companies should be sold.

MOL supports INA's efforts to ensure flexibility of domestic oil processing

MOL supports INA's management in its efforts to ensure the flexibility of domestic oil processing and is strengthening the security of supply in Croatia, the Hungarian company said in a statement on Tuesday in connection with the transport of 600 tonnes of crude oil from Croatian oilfields to the refinery in Rijeka instead of Sisak.

Minister disgruntled over transfer of oil to Rijeka refinery

Panenic said consultations would urgently be held with the Croatian members of the INA's supervisory and management boards to determine how the decision on the transfer was made and by whom. "We will also ask for an official explanation from MOL."

FinMin thinks deal with banks on loan conversion lawsuits possible

Finance Minister Zdravko Maric said on Monday he thought it was still possible, through talks and an agreement with banks, to avoid "unnecessary court, arbitration and other costs" because of lawsuits which banks have announced against Croatia over the conversion of Swiss franc loans.

Dragicevic, Hernadi under investigation over Energopetrol privatisation

The charges were pressed against members of Energopetrol's management and supervisory boards appointed after the consortium assumed ownership, but not against Dragicevic and Hernadi. The consortium has a 67% interest in the Bosnian company.

PM Tihomir Oreskovic: My working on solving INA-MOL dispute didn't suit some

Prime Minister Tihomir Oreskovic said in parliament on Thursday the real reason for the toppling of his government was that, in order to protect national interests, he began work on dealing with the INA-MOL dispute through the continuation of arbitration and the beginning of new negotiations, which he said did not suit some.

Commisison finds Karamarko is in conflict of interest

The Commission established that Karamarko has found himself in a situation when his private interests could influence his performance in the government and that he should not be involved in decision-making regarding the INA-MOL arbitration.

Protest against sale of state-owned assets

A protest against the sale of state-owned assets was held in Zagreb's main square on Saturday at which about 200 people demanded the replacement of Prime Minister Tihomir Oreskovic, telling him that "a sale is not a reform."

INA-MOL gives up arbitration with Sarajevo about Energopetrol

Suvad Osmanagic, who negotiated with the consortium on behalf of the Federation's government, told the Dnevni Avaz daily in Sarajevo of Wednesday that agreement on seeking an out-of-court settlement had been reached 10 days ago.

Econ. Min: INA-MOL arbitration not jeopardised

"That is speculation, the arbitration procedure is credible and I wouldn't comment on matters of that nature. The arbitration process cannot be jeopardised by that. We have credible witnesses. Reports of surveillance sound like a crime novel," Panenic said.

SMEs minister for replacement of management in public companies

Minister Horvat recommends that talks be held with MOL concerning INA's status in Croatia but also on the regional market.

Minister says terms of Croatian INA Management Board members to be extended

Croatian Economy Minister Tomislav Panenic said on Wednesday that he had proposed that the terms of the current Croatian members of the INA Management Board be extended by one year.

INA-MOL consortium claims it fully met obligations under agreement to recapitalise Energopetrol

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.

Trials against Sanader and Hernadi in INA-MOL case joined

Sanader is charged in the Hypo and INA-MOL case with war profiteering and taking a bribe from MOL