Bosnia: Energopetrol Priviatization Maybe Reversed

The authorities in Bosnia are putting pressure on MOL and INA to complete their financial commitments in Energopetrol.

                                                                     As only €3m has been invested in Energopetrol since 2006 which is a huge difference to the  estimated €75m that was agreed in the original deal.  As a result the privatization of Energopetrol may be reversed if investors MOL and INA fail to carry out the investment and development sought.

MOL of Hungary and INA  of Croatia need to comply with the requirements in the next 3 months. MOL and INA acquired a 67% stake in the Energopetrol retail chain in September 2006 when they agreed to finance the €30 million debt of the Bosnian company.

The INA-MOL consortium had acquired 67 service stations and two office buildings belonging to Energopetrol in Sarajevo. The consortium had promised to keep the  labor force, and the company name ‘Energopetrol’, and turn the company in to a regional player.  It should also be noted that the Bosnian government kept the former Energopetrol Terminals  and created a new state owned corporation Terminali FBiH.

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