Croatia Authorities in Talks With MOL
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Tuesday, 13 October 2009 |
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MOL of Hungary and the Croatian government are conducting talks about
the settlement of the debt of Croatian fuels company INA, but it is too
early to reveal any detail, Croatia’s Prime Minister said at the
week-end.
Jadranka Kosor said INA currently owes the Croatia state 1.7 billion
kunas (€234m), which makes it necessary to conceive some king of debt
service model. Kosor underlined that the state insists INA repays its
debt. Finance Minister Ivan Suker said in early September that
INA owes the state budget HRK 1.35 billion (cc. HUF 53 bn) including
interest. PetrolWorld was not able to determine why there was a
difference between the figure stated on Saturday last and what the
finance minister stated in September.
According to earlier press reports, an investigation had been launched
against the national oil company with relation to its public debt.
Bojan Milkovic, INA’s Chief Executive Officer and Executive Director
for Exploration and Production, confirmed that his company accumulated
a substantial debt (VAT, unpaid duties and payments to the national
road fund), but stressed INA is not insolvent and it has been repaying
its arrears since July.
MOL told a meeting of INA’s Supervisory Board last month that it would
grant INA a loan of EUR 100 million as soon Croatia's national oil
company is able to procure new credit. MOL is expected to supply the
funds immediately upon the sale of the gas trading activities in order
to help on INA's current liquidity problems.
PetrolWorld 121009
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