The Croatian government has not received any official proposal from the Hungarian oil company MOL and therefore cannot comment on it, the Croatian Economy Ministry said after MOL CEO Jozsef Molanr said MOL might offer the Croatian government its treasury shares in exchange for shares in the Croatian oil company INA.
The ministry said the Croatian government had invited MOL for talks about the realisation of projects and objectives regarding amendments to the INA shareholders agreement between the government and MOL.
Molnar has said in an interview with the Hungarian business daily Napi Gazdasag that MOL may offer the Croatian government its treasury shares in exchange for shares in the Croatian oil company INA, which could help toward solving the INA situation.
The Hungarian company has the capacity for an acquisition of more than US$ 1 billion and is examining expansion targets in the region including the Polish oil refinery Lotos, Molnar said.
Commenting on the ongoing dispute concerning INA ownership, Molnar said MOL treasury stocks "can come in handy" in a resolution of the situation surrounding the company's Croatian subsidiary INA, and/or in any acquisition attempt whatsoever.
In June, the Croatian government gave its consent for holding negotiations with MOL in order to approach amendments to the agreement on mutual relations of INA shareholders.
The government then appointed its delegation for negotiations with MOL to amend the agreement, signed in July 2003 and amended for the first time in January 2009.
