November 28 (SeeNews) - Hungary is ready to assist Croatia as the Balkan country seeks a way to buy back the stake in its oil and gas company INA [ZSE:INA] currently held by Hungary's MOL, the Croatian government said on Tuesday.
"Hungary is ready to assist the process that will see Croatia buy MOL's share in INA," the Croatian government said in its official Twitter account following a meeting of prime minister Andrej Plenkovic with his Hungarian counterpart, Viktor Orban.
The Croatian government noted that political will exists on both sides.
"We are looking for an equitable model which takes into account MOL's investments into INA and a fair assessment of the company's share price," it noted.
In August, Croatia's government said it has decided to hire a consultant to advise it on the possible purchase of a stake in INA from MOL. The advisor, to be selected by the ministries of energy and finance, will assist the government in the transaction, prime minister Andrej Plenkovic said at the time.
MOL is the biggest shareholder in INA with a 49.08% stake. The Croatian government owns 44.84%, with the remaining 6.08% held by institutional and private investors.
On Christmas eve last year, Plenkovic announced the government's decision to regain the MOL's stake in INA.
Prior to this decision, the United Nations Commission on International Trade Law (UNCITRAL) dismissed Croatia's claims of bribery and alleged breaches of INA shareholders agreement by MOL. The lawsuit was filed by Croatia in 2014 with the aim to cancel a 2009 deal which saw MOL gain managerial rights at INA without owning a majority stake.