The visit to Zagreb of Gazprom CEO Alexey Miller has intensified speculation that the Russian major is interested in a majority stake in Croatian oil and gas company INA [ZSE:INA-R-A], Zagreb-based media reported on Friday.
On Wednesday, the Croatian economy ministry said economy minister Ivan Vrdoljak and prime minister Zoran Milanovic met with Miller to discuss the Adriatic country's energy policy.
Hungary's MOL currently owns 49.08% of INA and the Croatian government controls a further 44.84%.
In September, the two sides launched talks to renegotiate the terms for the company's management. In August, the Croatian government said the talks with MOL were prompted by the deterioration in INA's performance over the past few years and underinvestment in its refineries, among other issues.
The last round of talks between the two sides was held in early May.
In November, MOL said its executive board had been authorized to start the preparations for the sale of the company’s stake in INA.
MOL is close to exiting INA and would gladly cash out as they have other markets where to invest, news daily Vecernji List reported, quoting unnamed Russian sources.
According to the daily, once Gazprom reaches a deal with MOL it would offer to buy around 19% of Croatia's stake in INA, leaving in the hands of the government 25% plus one share.
In June, Milanovic said Croatia was planning to propose a law allowing it to protect national interest in the energy sector by opposing the intention of a non-EU buyer to acquire a stake in a local energy company.
In Southeast Europe, Gazprom subsidiary Gazprom Neft owns a majority stake in Serbian oil and gas company NIS.
Source: SeeNews
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