Following the Croatian government's decision to approach the second amendment of the INA Shareholders' Agreement, the Hungarian oil company MOL said in a statement on Thursday it had always been open for dialogue with its strategic partner, the Croatian government.
The Croatian government at its session earlier today gave its consent to launching negotiations with MOL on amending the Shareholders' Agreement between INA and MOL, which was signed in July 2003 and amended for the first time in January 2009.
"Due to the Shareholders' Agreements and as a result of the joint cooperation of the Croatian Government and MOL, INA's performance and financial stability improved significantly in the past years. Upstream and retail investments boosted heavily, and with the finalisation of the first phase of the Rijeka modernization programme INA supplies the Croatian market and its customers with the European quality Euro V fuels," MOL said.
"INA just posted a record high profit for the first quarter of 2011, the third positive quarter in a row. INA managed to increase energy security as well by signing a new gas supply contract with ENI," the statement said.
"MOL believes that the development of INA and the achievements in the field of the CEE energy security prove that the original agreements have fulfilled the original intentions of the two main shareholders and strategic partners, but MOL is open to further improve on these achievements," the Hungarian oil company said.
