Hungary: MOL’s Ina merged with “Natural Gas”company against the Croatian gov consent

12. August 2014. / SEE Energy News

“Natural Gas” Company, which due to the conflict of the Croatian Government and the Hungarian MOL about Ina management, just this spring recorded a loss of 44,45 MEUR, was recently merged with Ina the in the silence.The Ina Management Board made decision under MOL control without consultation with other stakeholders, which will probably cause new tensions between the Government and the Hungarian co-owner of Ina.

According to business data of the Company “Natural Gas”Ltd. the company recorded a loss of 10, 45 MEUR last year, and more than 130, 74 MEURin 2012th. Ina will rehabilitate these ‘minuses’ and the loss of current yearcourse, which will certainly affect Ina operating results in this year.We tried to get a comment in the Ministry of Economy yesterdayabout the consequences of the latest decisions of the InaManagement Board, but that we have not succeeded. The news of the merger of the Company “Natural Gas” Ltd. to Ina seems to surprise also the president of the Association of Ina Small Shareholders,Mirko Ferkovic.

– It is the decision of the Board about which the General Meeting of Shareholders was not consulted and about which small shareholders do not know anything. It is difficult to assess what would the move of InaBoard supposed to mean, given the complete situation in Ina and, in my opinion, the disastrous policy of the state towards Ina, since 2003rd when INA shares were sold to MOL until today – comments Ferkovic.

It is true, he says, that”Natural Gas” Ltd. recorded heavy losses, but the merger of that company to Ina couldmean that the company will focus more on the gas business.

– It is also possible that Ina could benefit of all, and we as its shareholders. Ina only had losses and damages of the gas business in the past because the state imposed such terms and conditions that the gas was imported at market prices and sold at prices imposed by the state, or these were social selling price. Thus, the natural gas business led to social policy – says the president of the Association of InaSmall Shareholders.

Even before the merger, the hundred percent owner of “Natural gas”, thecompany for the gassupply and sale, was Ina that founded it in 2009th.Thefoundation and separation of a separate company for the gassale was agreed by infamous modifications to the Shareholders Agreement of Ina and additions to the contract.

One of the charges against former Prime Minister Ivo Sanaderwas raised due to an agreement with MOL on changes of the Shareholders’ Agreement. Extracting gas business, what was conducted by forming “Natural gas” company, for USKOK, but also for the Government negotiating team, led by Economy Minister Ivan Vrdoljak, is one of the disputed points of the changes of Ina Shareholders Agreement.

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