Croatia’s INA Launches Sale of Fuel Retailer Crobenz

"To demonstrate interest in the transaction process, a Letter of Intent is to be submitted by potential purchasers until the end of the working hours (16.00 hours) on November 20," the company said in a statement.

In June, Croatia's Competition Agency (AZTN) gave INA nine months to launch the sale of Crobenz's 14 petrol stations.

The potential buyer should possess and prove adequate professional knowledge for the maintenance of the existing business activity, it should not be connected to INA and Hungary’s MOL or their affiliated companies either via capital or personally and should have sufficient financial funds, the statement added.

MOL owns 47.15% of INA and the government in Zagreb holds a stake of some 44%.

INA shares ended at 1,563 Croatian kuna ($320/214 euro) on the Zagreb bourse on Thursday, down 1.24% from the previous close.

(1 euro=7.2922 Croatian kuna)