MOL Launches Dedicated Website on INA Conflict
- In line with MOL’s commitment to full transparency, new resource website to offer detailed information with regular updates
- The website factually describes how MOL saved INA from bankruptcy, turned it into a profitable company and what this conflict is really about
- Topics such as MOL’s management control, INA’s corporate governance as well as past and current negotiations with the Croatian Government are also addressed
BUDAPEST, 14th April 2014 – Today, MOL launched the website “MOL’s Investments in INA” (www.molincroatia.com), a regularly updated resource dedicated to providing full information around its investment in the Croatian energy company INA, the Gas Master Agreement and its negotiations with the Government of the Republic of Croatia.
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 its investment in the Croatian energy company, INA.
As an international publicly traded company, it is MOL’s duty to be fully transparent with stakeholders. With this in mind, and to convey MOL’s perspective on the INA-related issues that have generated considerable media attention to date, MOL has launched a dedicated Web page www.molincroatia.com.
Dominic Köfner, MOL Group Vice President for Corporate Communications, said: “MOL has a responsibility to its stakeholders for full transparency and we believe launching this website is a helpful step to detail the delicate and complex situation regarding INA and to explain what this conflict is really about. In line with our transparency approach the Gas Master Agreement is available as well. This “MOL’s Investments in INA” website as it is today is just a very first step and we are planning on compiling more relevant information on this page in the near future.”
In October 2008, MOL became the largest shareholder in INA and subsequently obtained effective management control rights of the company. This was finally made possible by the 2002 INA Privatization Act, a law requested by the IMF 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 however this was the result of an unfriendly investment climate and the unpredictable regulatory system in Croatia.
“MOL values its position as one of Croatia’s largest investors and this website allows us to better communicate the long history and large scale of our involvement in Croatia, and the current challenges we are facing” added Marcus Lippold, Vice President, Business Strategy and Regulatory & Public Affairs, MOL Group. “We hope it will further demonstrate that we have been and will continue to be a committed and constructive partner for the Government of Croatia. We remain hopeful that an amicable resolution can be reached allowing for a profitable, efficient and sustainable INA to thrive for the benefit of all shareholders and Croatia at large.”
The “MOL’s Investments in INA” site is in English and will be regularly updated to keep all stakeholders informed of all material developments regarding MOL and INA.
About MOL Group
MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs around 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.