Over the last few months, a number of our stakeholders, from shareholders and employees to business partners and journalists, have sought clarification from MOL on developments surrounding our investment in the Croatian energy company, INA.
As an international publicly traded company, it is MOL’s duty to be fully transparent with our stakeholders. With this in mind, and to convey MOL’s perspective on the INA-related issues that have generated considerable media attention to date, we have launched this dedicated Web page www.molincroatia.com.
MOL is one of the largest foreign investors in Croatia. We have played an active role in INA’s development since 2003, saved it from bankruptcy and invested over EUR 1.4 billion. This investment has significantly benefited Croatia's economy and enhanced its energy security, proved by a number of examples.
In October 2008, MOL became the largest shareholder in INA and subsequently obtained the management control rights over the company. All MOL’s moves regarding INA were made possible by the 2002 INA Privatization Act, a law requested by the International Monetary Fund and enacted under then Prime Minister Ivica Račan.
Since 2009, MOL has been operating in an increasingly challenging environment in Croatia. On the one hand, this was caused by the economic downturn in the whole region, on the other hand this was the result of an unfriendly investment climate and the unpredictable regulatory system in the country. Despite these challenges, we have repeatedly requested to accelerate the negotiations with the Government of Croatia to reach an understanding that will enable INA to flourish and create value for its shareholders.
We believe that this website will help you understand even better the current situation, our position and our commitment to a constructive solution.
The content of this site will be regularly updated to keep all our stakeholders informed of the developments regarding MOL and INA. Should you have any additional questions or comments, please feel free to contact us.
INA MB President Zoltán Áldott commented: “In the last several years we have turned INA into financially stable company, the leading investor and exporter in Croatia. We have created value for our shareholders as evidenced by today’s decision on dividend payment in the amount of 150 million kuna. In 2014 INA realized robust investments worth HRK 1.7 bn, reinvesting two thirds of its EBITDA. In 2015 as well, despite the challenging external environment, we plan to maintain our investment levels and the role of the leading investor in the country.”
“With a negotiations process and two arbitration procedures ongoing between the shareholders, MOL is convinced that the reelection of the members of the Management Board for a one year term is in the best interest of INA providing the necessary flexibility to the Supervisory Board for the period following a new agreement or a closed arbitration. MOL is hopeful that the negotiations with the Government of Croatia will come to a positive outcome with the help of the facilitator recommended by the US State Department. This decision does not preclude the reelection of the Management Board members for an additional term in 2016.”