Croatia, Peter Ratatics to be appointed as new INA’s CEO

, SEE Energy News

According to Croatian media, Peter Ratatics will be appointed as new President of the Management Board of Croatian oil company INA, while two other MOL appointed members will be Krisztian Pulay and Berislav Graso.

The appointment will be formalized at the next meeting of the Supervisory Board, when the three new Croatian board members will be delegated as well.

Ratatics was the member of INA’s Management Board between 2011 and 2018. In 2018 he became the member of the Executive Board of MOL Group.

In early September, INA’s CEO Sandor Fasimon handed his resignation. Despite no involvement in any of the illegal practices that are being investigated, Fasimon has offered his resignation as president of the Management Board of INA. He stated that, as the President of the Management Board, he is accountable and feels moral responsibility for all activities of the company, irrespective of the due care exercised. Two MOL delegated members of the Management Board, Ferenc Horvath and Jozsef Simola, stepped down as well. In addition, Croatian Government said that it will propose that all Croatian members of INA’s Management Boards should be relieved of their duties.

In late August, Croatia’s anti-corruption office (USKOK) launched an operation in which five persons were arrested, including INA’s executive Damir Skugor, on suspicion of illegal gas trading and money laundering. Namely, the suspects allegedly took advantage of the constant rise in natural gas prices on the global market, with OMS Ulaganja buying gas below market prices from Plinara Istocna Slavonija, which had a gas purchase agreement with INA at favorable prices, and selling it on the international market at market prices. They allegedly spent the money thus obtained on the purchase of real estate. Investigator claim that the suspects were purchasing gas from INA at 19.5 euros and were selling at the price of 28 euros. Damages to INA are estimated over 130 million euros.