Hungary: MOL seeks dividend payment of 260 MEUR from INA

4. December 2014. / SEE Energy News

MOL requested from Board of INA Oil industry of Croatia to convene an extraordinary meeting of INA shareholders, at which would be decided on the payment of an extraordinary dividend of 260 MEUR, it was announced today from that Hungarian company. MOL will propose to the General Assembly to vote for the full payment of the dividend in the amount of 260 MEUR from retained earnings, say in a statement.

In the statement from the company writes that the MOL saved INA from bankruptcy, financially stabilized it and turned into a profitable company with significant investment potential.

“Following the recent decision of the Ministry of Economy on revoking the license to explore the areas “Sava” and “Northwestern Croatia”, shareholders have realized that the Ministry did not currently support “investment” environment in Croatia and therefore has come the moment for all shareholders to realize the return on their previous investments”, said in a MOL statement.

Presentation of the business strategy to INA main shareholders

The Hungarian company has said it while in Zagreb lasts meeting at which should be presented the overall business strategy of the Croatian oil company to INA main shareholders, and it will be followed by a session of INA Supervisory Board.

Arriving at the meeting, Economy Minister Ivan Vrdoljak said today he might hear today that MOL wanted to invest in INA and transform it into a vertically integrated Croatian company with development prospects.

“We will not allow Ina to be managed on the basis of contracts that are corruptive and lead it into disaster. I personally, and this government will not allow it”, said Vrdoljak.

The head of the Office for the State Property Management (DUUDI) Mladen Pejnovic, said the shareholders and the management would discuss today on the real state of affairs in INA.

“It is very important to determine what the situation is now and what it was when the privatization started”, says Pejnovic.

We always refer to these old documents, and market and technology are different now, he added.

“I’m afraid that this is just another one of the old stories of privatization, and the greatest crime in every privatization made those who had destroyed the technology and the market”, said Pejnovic. He adds to fear that both elements exist in the case of INA.

The Croatia has a 44.84% stake in INA, while the Hungarian MOL holds 49.08%.

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