MOL

Dalic: INA privatisation law should be seen in context of MOL stake buy decision

Croatian Economy Minister Martina Dalic said on Monday the amendment of the law on the privatisation of the oil and gas company INA, recently requested by the European Commission, should be put in the context of the government's political decision to buy MOL's stake in INA.

Szijjarto says business cooperation between Croatia, MOL politically unsustainable

Hungarian Foreign Minister Peter Szijjarto has said that a normal business cooperation in the Croatia-MOL case has become politically unsustainable and that there is no other solution but to end it.

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.

Croatia's energy minister to travel to Brussels on Friday for talks on INA

Croatia's Energy and Environment Protection Minister Slaven Dobrovic, who is travelling to Brussels on Friday for talks with the European Commission concerning Croatian legislation on the privatisation of INA, said on Monday that he hoped that the Commission would show understanding and offer dialogue.

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.

Economic expert: HEP mustn't be touched

Economics professor Ljubo Jurcic on Wednesday said that the state-run power provider - HEP - must not be touched or be a subject of trade because it was founded to produce sufficient quantities of electricity for the country. 

Minister: Public can be sure about protection of Croatian interests in INA

Environment Protection and Energy Minister Slaven Dobrovic said on Wednesday the Croatian public could be sure that national interests in the oil and gas company INA would be protected and that an appeal against an arbitral tribunal's decision in the INA-MOL case was being worked on.

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.

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.

Dalic: Sale of HEP shares is decision of entire Cabinet

The Deputy Prime Minister and Minister of the Economy, Martina Dalic, said on Monday that decisions of the government were made by the coalition partners together, dismissing speculation that the Bridge party, a junior partner in the ruling coalition, was against the proposed sale of government shares in the HEP power company in order to buy the Hungarian energy group MOL's stake in the INA oil and gas company.

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.

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.  

MOL lifts Budapest shares as Croatia offers to buy INA

Shares in the Hungarian oil and gas company MOL rose by nearly 3% on the Budapest Stock Exchange on Tuesday, pushing Budapest's equities index close to a record high after Croatia's government said it would buy MOL's stake in Croatia's INA, Reuters reported.

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.

SDP MP: Gov't should analyse economic viability of possible INA buyout

Branko Grcic, a member of Parliament from the strongest opposition Social Democratic Party (SDP), said on Thursday that if Hungary's energy company MOL decided to sell its stake in Croatia's INA, the government should carry out a serious analysis and offer possible solutions for a buyout on condition that such an enterprise proved to be economically viable.

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.

Despite problems, MOL counting on agreement with Croatian gov't, says CEO

MOL management board chair Zsolt Hernadi has told the German Handelsblatt business magazine that the Hungarian oil company's management is satisfied with the personnel in Croatia's oil company INA and that despite problems with Zagreb, MOL is counting on reaching an agreement with the Croatian government for INA to be part of the new MOL.

Croatian PM: Proceedings against MOL's CEO continue

Croatian Prime Minister Andrej Plenkovic said on Tuesday that he considered Interpol's decision to reject the Croatian request to renew the arrest warrant for the CEO of the Hungarian energy group MOL, Zsolt Hernadi, as technical information, adding that as far as he knew the Croatian judicial authorities were continuing proceedings against MOL's chief.

Hernadi's lawyer: Interpol's decision cannot be appealed

Interpol's decision to reject Croatia's request to renew the international arrest warrant for the CEO of the Hungarian energy company MOL, Zsolt Hernadi, is final and cannot be appealed, his lawyer told MTI news agency on Monday.  

Croatia's request for Red Notice for Hernadi's arrest outvoted

Croatia's request to Interpol to extend a Red Notice for MOL's CEO Zsolt Hernadi was recently outvoted at an Interpol general assembly even though, according to an unofficial source, the commission for warrants had previously given Croatia the green light for an arrest warrant.

Croatian PM: INA strategic company and priority for gov't

During a meeting with INA CEO Zoltan Aldott, held in Zagreb on Tuesday at the initiative of the government, Prime Minister Andrej Plenkovic underlined that INA is a strategic national company and that its development is a priority for the government, a government press release said.

INA CEO says informs gov't of situation in INA

INA Management Board chair Zoltan Aldott said on Tuesday that his meeting with Croatian Prime Minister Andrej Plenkovic held earlier in the day at the government headquarters was very important because it was the first time after several years that representatives of the company's management had the opportunity to inform the government of the situation in INA.

MOL knows nothing about investigation into Energopetrol's recapitalisation

The management of Hungary's oil company MOL has dismissed any connection to wrongdoing relating to the privatisation of Bosnia and Herzegovina's Energopetrol and has not been officially notified about an investigation into the matter conducted by the Sarajevo cantonal prosecution, Sarajevo's Dnevni Avaz daily said on Saturday.

Plenkovic says Croatia won't let INA become MOL's subsidiary

Concerning the issue of INA and the latest speculations about its refinery in Sisak, Plenkovic recalled that INA with 11,000 workers on its payroll is the biggest company in Croatia and his cabinet will make sure that the company continues growing.

No decision in INA to close Sisak Refinery

MOL is not planning to supply Croatia from its refineries in Hungary and Slovakia and even Tifon, which is owned by MOL, is supplied from INA, the Hungarian energy group MOL said in a reply to Hina on Wednesday, while Croatia's INA said that it had made no decision to shut down the Sisak Refinery.

PM: INA executives, gov't soon to discuss relations, Croatia's strategic interests

Prime Minister Andrej Plenkovic said on Wednesday that he had talked with INA Management Board Chair Zoltan Aldott and that a meeting between representatives of INA's Management Board and the Croatian government would be held soon to discuss mutual relations and Croatia's strategic interests in INA.  

Miljenic: We will fight the shutting down of Sisak Refinery

MP Orsat Miljenic of the Social Democratic Party (SDP) said on Wednesday that the statement by Environmental Protection Minister Slaven Dobrovic of the Bridge party that there was talk about shutting down the Sisak Refinery was entirely unacceptable, stressing that the SDP would fight this.

Panenic accuses MOL of trying to close Sisak refinery

The Bridge party's lawmaker and a former Economy Minister, Tomislav Panenic, on Wednesday claimed that Hungary's MOL was trying to shut down the Sisak oil refinery before a ruling was made in the arbitration process between the Republic of Croatia and Hungary's oil and gas group over its Croatian peer INA.

President says Croatia must take single position in relations with MOL

President Kolinda Grabar-Kitarovic in Sisak on Tuesday held talks with representatives of trade unions and veterans' associations active in the Sisak Oil Refinery, saying that relations with MOL were a strategic issue important for Croatia's energy security.

Panenic: MOL is shareholder in INA, not majority owner

Caretaker Economy Minister Tomislav Panenic described on Monday as inappropriate the statement by MOL Group CEO Zsolt Hernadi in which he said that the Hungarian energy company could implement its strategy with or without Croatia's INA, saying that Hernadi was speaking as if MOL was the majority owner of INA, and not just one of the shareholders.

Hernadi: MOL will follow its path with or without INA

MOL Group will follow its path with or without the Croatian company INA, CEO Zsolt Hernadi said in an interview with the leading Hungarian news website Origo.hu after the oil and gas group adopted a long-term business strategy last week.

Panenic accuses MOL of intending to close Sisak refinery

The outgoing economy minister, Tomislav Panenic of the Bridge party said on Wednesday that it was in MOL's interest to have the Sisak oil refinery closed, while the interests of Croatia and INA were opposite to that position.

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."

INA allowed to publish bid for takeover of Energopetrol

The Croatian oil company INA on Tuesday made public a decision by the Securities Commission of the Federation of Bosnia and Herzegovina approving the publication of INA's bid for the takeover of a 33% stake in the Sarajevo-based Energopetrol oil company.

Sarajevo prosecution asks Hungary to interrogate MOL's Hernadi

Former MOL executive Zoltan Varady and a former CEO of Croatia's INA, Tomislav Dragicevic, are also under investigation. The Sarajevo prosecution has already requested the Zagreb County Court to interview Dragicevic

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.

Political parties comment on INA's future

The way the INA oil company is managed needs to change and INA should once again be in Croatian ownership, political party representatives said at a roundtable debate on Wednesday.  

Group slams attempt to close Sisak oil refinery

A group for the defence of the Sisak Oil Refinery and the preservation of jobs in the refinery, in the strongest terms on Friday condemned the latest attempt to close the refinery as a condition to continue with the modernisation of the Rijeka Oil Refinery.

S&P upgrades MOL credit rating

Ratings agency Standard & Poor’s has raised its long-term corporate credit rating for Hungarian oil and gas company MOL from BB to BB+, MOL said in a press release, adding that the outlook for the rating is stable.

Panenic: Without agreement between gov't and MOL, decisions on Sisak refinery are inappropriate

Economy Minister Tomislav Panenic said on Thursday that without a final agreement between the two largest shareholders in the INA oil company -- the Croatian government and Hungary's MOL -- it was inappropriate to make decisions such as one on sending crude oil from the Sisak refinery to Rijeka for refining, which may mean that the Sisak plant will be closed down.

INA becomes majority owner of Energopetrol

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.

Gov't to convene on Friday

The government will convene on Friday, government officials confirmed to Hina on Wednesday.

Conflict of Interest Commission still hasn't received all requested documents in Karamarko case

The Conflict of Interest Commission has still not received all requested documents concerning allegations that First Deputy Prime Minister Tomislav Karamarko was in a conflict of interest because his wife was in a business relationship with a consultant for the Hungarian oil and gas group MOL.  

Majority in gov't back Karamarko, Bridge ministers against

Croatia's government led by Prime Minister Tihomir Oreskovic on Friday decided not to endorse a motion filed by the Opposition on a no-confidence vote in First Deputy Prime Minister and Croatian Democratic Union (HDZ) leader Tomislav Karamarko.

Horvat hopes PM will soon set up team for negotiations with MOL

Horvat, who seemed very sceptical about the outcome of the arbitration, said today that the government should be flexible and that it should know how to negotiate.

Sincic says Karamarko should resign

Human Shield party president and MP Ivan Sincic said on Sunday that Croatian Democratic Union (HDZ) president Tomislav Karamarko should resign as first deputy prime minister because of his wife's business ...

Dobrovic says everyone must be responsible for their actions

Environment and Nature Protection Minister Slaven Dobrovic of the Bridge party said on Sunday that responsibility was very important and that everyone must be responsible for their actions.

Karamarko affair is HDZ's problem, says Bridge

"(Bridge's) focus is on care for national interests, not on individual political positions. That implies a change of the current political culture and a high degree of political care for the common well-being, rather than private interests," the party said.

Kovac believes there was no conflict of interest, Prgomet says Karamarko affair big political burden

"Mr Karamarko was very clear about everything. I'm confident that there was no conflict of interest whatsoever," Kovac said while answering reporters' questions after an event marking the 27th anniversary of the establishment of the HSLS party,  ....

Karamarko sure govt. will complete term

He said his wife Ana would prove with the documents she would submit to the Conflict of Interest Commission that she did not deal with energy, MOL or INA in her business dealings with Petrovic's company, only with public relations.

Szijjarto: Hungary and Croatia should be strategic partners

Hungary wishes to have strategic cooperation with Croatia and deal with problems through direct talks rather than through the media, Hungarian Foreign Minister Peter Szijjarto said on Thursday.

Petrov: Situation not good, new details emerging every day

"The situation isn't good because new details emerge every day. Bridge will announce its decision in time. Since new details continue emerging, it's important to wait and see how the situation develops," Petrov said in an interview with Nova TV.

Karamarko must explain if involved in any decision on arbitration with MOL

Karamarko has to explain in writing within 15 days whether as a member of the government he participated in any discussion or decision making on the government's attitude and policies related to the arbitration procedures between Croatia and MOL.

Conflict of Interest Commission to investigate Karamarko case

Before the Commission makes a decision, Karamarko can address it on the case, and it will also interview Petrovic, said Commission member Davor Ivanjek, who is in charge of the case.

Agency owned by Karamarko's wife in business relationship also with Gavrilovic company

Djuro Gavrilovic, the owner of the meat company, has been under investigation by the anti-corruption office USKOK on suspicion of war profiteering.

Petrovic: I have never discussed INA-MOL arbitration with anyone in Croatia

Josip Petrovic, a former member of the INA Management Board and present consultant for the Hungarian oil company MOL, told Nova TV on Thursday that he had never discussed the INA-MOL arbitration with anyone in Croatia, ...

MOL welcomes statements by Croatian PM

Hungary's MOL oil and gas group has welcomed statements made by Croatian Prime Minister Tihomir Oreskovic on Thursday, stressing that its priority has always been to reach an agreement with the Croatian government on the INA oil company.

SDP demands Karamarko's resignation

"If he refuses to go, if he shows utter contempt for Croatian citizens and their interests, the SDP group will then initiate a procedure for his impeachment in Parliament," SDP MP Pedja Grbin said.

Panenic says INA-MOL dispute result of many interests

Economy Minister Tomislav Panenic said on Wednesday that the latest escalation in relations between the ruling partners Bridge and HDZ over the INA-MOL dispute was the result of many interests that were trying to destabilise the situation ...

Ana Karamarko: My agency's business has nothing to do with politics

Mrs Karamarko confirmed that she and her husband are friends with Petrovic and his family, adding that because of the nature of his work Mr Karamarko always drew a clear line between business and private affairs.

Karamarko: I'll request Commission to investigate wife's company

First Deputy Prime Minister and leader of the Croatian Democratic Union (HDZ) Tomislav Karamarko on Tuesday said that he would submit an official request to the Conflict of Interest Commission to investigate the matter of cooperation ...

Bridge MP calls on conflict of interest commission to look into gov't members, MPs to see if they cooperate with MOL

Bulj wrote on his Facebook wall about ten days ago that he had asked Petrovic to say whether his company or MOL, or companies owned by MOL, were doing business with companies owned by Croatian politicians or members of their immediate families.

Sisak refinery trade union: Withdrawal from arbitration high treason

The trade union in the oil refinery in Sisak, owned by the INA oil company, on Monday evening cautioned the current government against any plans to abandon the ongoing arbitration proceedings with Hungary's MOL regarding INA, ...

SMEs minister Horvat sceptical about arbitration on INA

"I have presented my position about the arbitration proceedings on several occasions. I do not think that arbitration should have been launched at all. Arbitration proceedings are very expensive for Croatia," said Horvat.

Croatian, Hungarian presidents meet on fringes of UN General Assembly debate

The two presidents underlined the importance of investing additional effort in strengthening the strategic Croatian-Hungarian partnership, the statement said.

Arbitral tribunal says Sanader, Petrovic questioned as independent witnesses

The tribunal emphasises that it is not appropriate for issues still under discussion and review in the arbitration to be ventilated in the press, the firms said in the statement.

Businessman refutes claims about his activities against Croatia's interests

Petrovic's press release was prompted by Bridge leader Bozo Petrov's statement on Tuesday that "much is at stake regarding the INA oil company."

Ex-PM talks his testimony in Croatian government-MOL arbitration

Former Prime Minister Ivo Sanader said on Tuesday that he testified recently at the UN Commission on International Trade Law in London in the proceedings between Croatia and Hungarian energy company MOL ...

Vrdoljak: Croatia provoked into launching arbitration procedure against MOL

Croatia was provoked into launching the international arbitration procedure against MOL because "three years ago the Hungarians attempted to collect a payment from Croatia in the amount of 3 billion kuna, based on the contract signed by Ivo Sanader," 

PM: Negotiations with MOL on INA after arbitration finalised

Prime Minister Tihomir Oreskovic on Wednesday said that the government would wait for the arbitration over the INA oil company to be completed, which is expected to be in the autumn, and that after that negotiations with Hungary's MOL would be continued.  

MOL set to increase production in Croatia

MOL is planning to reduce investments and focus on assets closer to Hungary that can still generate cash after a plunge in oil prices, Bloomberg cited the head of the upstream division at Hungary’s largest refiner as saying.

Sanader's lawyer says Hernadi will be acquitted in Croatia

A lawyer for former Croatian prime minister Ivo Sanader says that he is not worried about the latest reports that the acquittal of the CEO of the Hungarian MOL oil group, Zsolt Hernadi, for giving a bribe to Sanader has not become final in Hungary.

Croatia can prosecute MOL executive for corrupt takeover of INA?

The daily carried information published by an independent Hungarian investigative news portal according to which a Budapest-based appeals court has decided to drop the case against Hernadi for bribe giving.

Croatia not scrapping arrest warrant for MOL's Hernadi

Austria and Germany recently informed Croatia that they were no longer after Hernadi, for whom an Interpol arrest warrant and a European Arrest Warrant have been issued. 

Austria and Germany suspend Croatia's arrest warrant for MOL CEO Hernadi

Austria and Germany have suspended Croatia's warrant for the arrest of the chief executive of the Hungarian oil and gas group MOL, Zsoltan Hernadi, 

Hernadi: There's legal possibility in some countries to ignore Croatia's arrest warrant

The CEO of Hungary's oil and gas company MOL, Zsolt Hernadi, who is wanted by Croatian justice authorities on suspicion of bribery, has said ...