September 14 (SeeNews) - Croatian oil and gas company INA [ZSE:INA] said on Friday it has been denied an exploration permit for the Sava hydrocarbon exploration area by the ministry of environmental protection and energy.
This is the third time the ministry had denied INA a permit, despite the July ruling of Croatia's High Administrative Court that there is no valid reason for the ministry's decision to deprive the company of the Sava exploration licence, INA said in a Zagreb bourse filing.
INA noted that it will take further steps in order to protect its interests.
The dispute dates back to July 2011 when the ministry of economy cancelled the exploration licences of INA in the areas of Sava, Drava and Northwestern Croatia, claiming that the company had failed to meet its contractual obligations.
INA won a court case against the decision back in 2011, but in 2014 and 2015 the economy ministry again revoked the licences, claiming that the company was failing to meet its investment commitments.
INA has exploration and production operations in Croatia, Africa and the Middle East and operates a network of filling stations in its home market and in neighbouring countries.
Hungarian group MOL is the biggest shareholder in INA with a 49.08% stake.