Hungary: MOL seeks 2-3 billion EUR for the share in INA oil company of Croatia

28. July 2014. / SEE Energy News

The Hungarian Oil Company MOL seeks 2-3 billion EUR for the shares that has in the Croatian INA.

In the case that state of Croatia succeeds to close the financial construction, it does not want to pay more than 1, 6 billion EUR for the whole package.

Russian Gazprom, which has shown interest for entering the INA ownership structure, probably would be willing to pay a higher price, but neither the EU nor the U.S. would look favorably on such a transaction. Therefore, it seems that the behind the Croatia intention to take INA, as announced the Croatian Minister of Economy Ivan Vrdoljak, there is support from these centers.

“The government does not have a solution for a loan, but is looking for him”, said the minister Vrdoljak. Apparently he thinks of “Lombard” loan with term of 12 months and an interest rate between five and six percent per year.

Shares held by MOL, and up to 19 percent of INA’s shares owned by the state, could be used as collateral (bank guarantee), so there would be no need for government guarantees, and that the transaction would not increase the public debt, explained Vrdoljak.

MOL has a stake of 49.1 percentin Croatian INA.

A new round of negotiations, the fifth in a row, between representatives of the Croatian Government and MOLon INA future should be held in Zagreb on Friday, July 25th.

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