Hungary's MOL said on Friday that it would propose discussions on all "open issues", including the revision of the fulfillment of the Gas Master Agreement, within negotiations on amending the shareholders' agreement on INA, a leading Croatian oil company.
The Croatian government on Thursday announced its proposal to launch negotiations on the shareholders' agreement, which was signed in July 2003 and amended for the first time in January 2009. Immediately after that, the leading Hungarian oil and gas group stated that it was open for talks with the Croatian government.
"MOL Group is open and will propose to the Government of Croatia to use the perfect opportunity to discuss other open items and issues substantially including the revision of the fulfilment of the Gas Master Agreement," the Hungarian company said in a statement today.
"The revision of the Corporate Governance is obvious as it is stipulated and well defined in the agreement itself."
"The Shareholders' Agreement (SA) states that the parties, the Government of Croatia and MOL have the right to review and reconsider the Corporate Governance structure within the SA with the aim of increasing the effectiveness of the decision making process," MOL said.
MOL said it had proposed the revision during negotiations in 2009.
