Croatia's govt to hire advisor on possible deal for MOL stake in INA

The advisor, to be selected by the energy and finance ministries, will assist the government in the transaction, prime minister Andrej Plenkovic said during a session aired live on broadcaster HRT.

A council in charge of negotiations with MOL has already defined the criteria for the purchase of the INA stake, as the advisor will be tasked with assessing INA's value and reviewing possible strategic partners, Plenkovic noted.

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 tor regain the MOL 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 a shareholders agreement for INA 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.