Chairman-CEO: MOL Equally Prepared for Deal With Croatia or to Sell Stake in INA

By Veronika Gulyas

BUDAPEST--Hungarian oil and gas company MOL Nyrt. (MOL.BU) is willing to either reach a quick agreement with Croatia regarding the company's management rights over INA dd (INA.ZG), or to sell its stake in the Croatian refinery, MOL's chairman and chief executive said on Thursday.

"If our efforts to speed up a deal with the Croatian government seem to fail, and talks are dragging on, we're prepared to sell our stake," Zsolt Hernadi told a press conference after the company's annual general meeting.

The Croatian government wants to regain control of INA, in which it holds a 44.8% stake following its privatization in 2003. MOL owns a controlling 49.1% share of the refinery and its management rights.

Talks could continue between MOL and the Croatian cabinet into the first week of May, MOL's group chief executive Jozsef Molnar said. The last time the two parties met was Jan. 16.

"This doesn't seem to be quick," Mr. Hernadi said.

The two parties are also in a legal battle related to a bribery case in which, in 2012, former Croatian prime minister Ivo Sanader was convicted of accepting bribes while he was in office to allow MOL to have management rights over INA, according to a Croatian court.

MOL has repeatedly said this case was politically motivated and has denied all the Croatian allegations.

Mr. Hernadi also said the Ukrainian geopolitical crisis is not affecting the talks or the possible sales.

Write to Veronika Gulyas at [e-mail]