Politics and finance complicate INA buy-out

Croatia is attempting to buy out Hungarian player MOL’s share in INA, but tangled political relations and a lack of cash are complicating matters
By Dariusz Kalan 15 March 2017
An INA refinery at Rijeka, Croatia. The state holds a 45% stake in the company. (INA)

Zagreb’s desire to buy out Hungary’s share in Croatian oil and gas player INA is driven by political as well as commercial interests, industry sources have said.

After years of quarrelling with Hungarian player MOL, which has a 49% stake in INA, Croatia’s Prime Minister Andrej Plenkovic said in December his country would buy it out. Croatia currently holds a 45% stake.

INA produces around 50% of the gas Croatia uses and 20-25% of the oil it burns. MOL declared it "remains open for any discussion...

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