By Veronika Gulyas
BUDAPEST--Hungarian oil and gas company MOL Nyrt. (MOL.BU) is
willing to either reach a quick agreement with Croatia regarding
the company's management rights over INA dd (INA.ZG), or to sell
its stake in the Croatian refinery, MOL's chairman and chief
executive said on Thursday.
"If our efforts to speed up a deal with the Croatian government
seem to fail, and talks are dragging on, we're prepared to sell our
stake," Zsolt Hernadi told a press conference after the company's
annual general meeting.
The Croatian government wants to regain control of INA, in which
it holds a 44.8% stake following its privatization in 2003. MOL
owns a controlling 49.1% share of the refinery and its management
rights.
Talks could continue between MOL and the Croatian cabinet into
the first week of May, MOL's group chief executive Jozsef Molnar
said. The last time the two parties met was Jan. 16.
"This doesn't seem to be quick," Mr. Hernadi said.
The two parties are also in a legal battle related to a bribery
case in which, in 2012, former Croatian prime minister Ivo Sanader
was convicted of accepting bribes while he was in office to allow
MOL to have management rights over INA, according to a Croatian
court.
MOL has repeatedly said this case was politically motivated and
has denied all the Croatian allegations.
Mr. Hernadi also said the Ukrainian geopolitical crisis is not
affecting the talks or the possible sales.
Write to Veronika Gulyas at veronika.gulyas@wsj.com
