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Message: MOL puts INA at top of agenda
Man with a plan: Zsolt Hernadi
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MOL puts INA at top of agenda
Hungarian producer MOL will focus on investments at Croatia's INA and a consolidation of existing upstream and downstream projects this year, executive chairman Zsolt Hernadi said.
News wires 05 February 2010 13:48 GMT
Hernadi told Reuters that by 31 March, the Croatian government and MOL, INA's biggest shareholder with a 47% stake, will have to come up with a solution to boost INA's capital.
"There are some possible options under evaluation, like a direct capital increase, a convertible bond or selling a fixed asset as an alternative. This latter one seems, so far, the least probable option but there is no formal decision yet," Hernadi told the news agency in an interview.
Hernadi also said MOL would be able to finance planned investments and refinery upgrades at INA from existing loan stock and cash-flow generating ability.
Hernadi ruled out talks about strategic cooperation with Russian Surgutneftegaz which bought a 21% stake in MOL from Austrian OMV last year in a move which MOL regards as hostile.
"As we do not see clearly the fate of this package (Surgut's intentions) I cannot see possibility for talks about strategic cooperation between Surgut and MOL," Hernadi said. "This is the stance of MOL's board and the stakeholders, based on discussions with them."
Published: 05 February 2010 13:48 GMT | Last updated: 05 February 2010 13:48 GMT
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