By Tim Gosling of bne
Croatian Economy Minister Ivan Vrdoljak has reiterated his government’s desire to buy out Hungary’s Mol Group from local oil and gas firm Ina Group earlier this week – but is this just more rhetoric as the two sides looks to gain the upper hand in talks over operational control of the Croatian company? How long can the protracted battle drag on for?
Mol, the Hungarian oil and gas group, offered what appears to be an olive branch to Croatia on Thursday in the ongoing row over the control of Ina, the Zagreb-based refiner in which Mol owns just short of 50 per cent.
A $400m credit deal signed by Croatian energy company INA gives it the opportunity to push ahead with long-term growth plans while also providing a welcome vote of confidence in the country’s economy.
MOL, the Hungarian oil group, is sticking to its guns. In a statement on Wednesday the company categorically rejected the findings of a Croatian court in which Croatia’s former prime minister Ivo Sanader was found guilty of corruption – including taking bribes from MOL.