Hungary's MOL has rejected the
proposed date for a new round of talks with the Croatian government over the
joint management of Zagreb-based oil and gas company INA [ZSE:INA-R-A], the
Adriatic country's finance ministry said on Monday.
The two sides are expected to agree on a new date for the next round of talks,
the ministry's press office said in an emailed response to a SeeNews inquiry.
In May, the ministry told SeeNews the next round of talks with MOL was expected
to take place in June. It added at the time the Croatian government had sent to
MOL a proposal for a new shareholders agreement for INA's joint management.
MOL owns 49.08% of INA and the Croatian government controls a further 44.84%.
In August 2013, the Croatian government said the deteriorating performance of
the Zagreb-based company over the past years and underinvestment in its
refineries, among other factors, had led to a decision to renegotiate the terms
of INA's management. A month later the two sides launched talks on the issue.
On the backdrop of the ongoing negotiations, MOL filed in November 2013 for
international arbitration against the government in Zagreb at the World Bank’s
International Centre for Settlement of Investment Disputes for breaching
certain of its obligations in relation to the Hungarian company's investments
in Croatia. In January 2014, the Croatian government filed for arbitration with
the Permanent Court of Arbitration in The Hague.
INA's consolidated loss rose 26% to 1.9 billion kuna ($278.3 million/250.4
million euro) in 2014.
Source: SeeNews
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