ZAGREB, November 22, 2018 - Economy Minister Darko Horvat has said that in the coming months a final decision on Croatia's buyout of Hungarian energy group MOL's stake in Croatia's INA can be expected, underscoring that it is more important that the entire process is well done than the fact how much time all that will take. He also commented on claims that Hungarian Prime Minister Orban was angry with Croatia.

When asked by the press on Thursday about the outcome of the process, Horvat declined to speculate. "We are in a very delicate stage of the selection of relevant consultants that can help us in due diligence and in making a final decision on INA's current value and its value on the market," he said adding that this part of the process was within the remit of the ministers of finance and energy.

Earlier on Thursday, Energy Minister Tomislav Ćorić also commented on scenarios for Croatia's buyout of MOL's stake in INA, and said that he expected a decision in the months ahead. After a reporter remarked that the government was taking too long to decide, Ćorić said such a job should be done properly. "It's much better to work longer and for the analysis to be good than to do it in a short time and have a lacking analysis," he said.

In January 2017, the government set up a council for negotiations with MOL on a possible buyout of its stake in INA. This past April, the government chose a consortium comprising Morgan Stanley, Intesa Sanpaolo Group and Privredna Banka Zagreb as its investment consultants in the possible buyout and subsequent sale to a new strategic partner for INA. However, a contract with these consultants has not yet been signed.

Also on Thursday, Horvat and Ćorić commented on Hungarian Prime Minister Viktor Orban's alleged anger at Croatia over the reactivation of an arrest warrant for MOL CEO Zsolt Hernadi.

Ćorić told reporters "What anger? Only good vibrations, please" and announced that Orban was expected in Croatia on December 3.

Croatian media have carried Hungarian Index.hu portal's claim that Orban was "very angry that Croatia betrayed Hungary and didn't act gentlemanly in the lifting of the blockade on Croatia's OECD membership bid in exchange for giving up the Hernadi arrest warrant."

Horvat said he did not see any reason for anger. Furthermore, he did not perceive such feelings in any form of communication with Orban.

The Croatian minister expressed hope that Slovenia would follow Hungary's suit and remove its objections to Croatia's OECD membership bid.

For more on the INA-MOL issues, click here.

ZAGREB, September 7, 2018 - A group of workers at the Sisak oil refinery said on Friday they had documents showing that the management of the INA oil company were preparing two versions of a plan to terminate production at the plant, with January 1 or May 1, 2019 as the dates for the closure of the refinery.

ZAGREB, August 14, 2018 - The International Egyptian Oil Company's licence for the Ras Qattara concession in Egypt has been extended until 28 March 2023, Croatia's oil company INA said on Tuesday.

ZAGREB, August 9, 2018 -The MOST party leader Božo Petrov expressed fear on Thursday that the government-sponsored draft law on the privatisation of the oil and gas group INA, which has been put to public consideration, would actually revoke Article 10 of the existing legislation, which would clear the way for MOL to completely take over the biggest Croatian company.

ZAGREB, July 26, 2018 - Environment Protection and Energy Minister Tomislav Ćorić said on Thursday the process of a possible buyout of Hungarian energy group MOL's stake in Croatian peer INA was taking its course and that he expected an expert analysis by the government's consultants, Morgan Stanley and partners, to be ready by year's end.

ZAGREB, July 17, 2018 - The INA oil company on Tuesday reported that it had received a ruling by the High Administrative Court quashing an earlier decision by the Administrative Court and a decision by the Economy Ministry to revoke an exploration licence for the Sava exploration site, and returned the case to be reconsidered.

Castleton Commodities International has sent a letter to the government about the purchase of INA’s shares from MOL after Russian company Rosneft showed interest.

ZAGREB, June 24, 2018 - The Croatian government has confirmed the receipt of a letter which US company Castleton Commodities International (CCI) sent to Croatian Prime Minister Andrej Plenković in mid-March, expressing its interest in being a new strategic partner to Croatia's oil company INA.

ZAGREB, June 23, 2018 - Jutarnji List daily on Saturday published a formal letter which US company Castleton Commodities International (CCI) sent Croatian Prime Minister Andrej Plenković in March, expressing its interest in being a new strategic partner to Croatia's oil company INA.

ZAGREB, June 20, 2018 - The Croatian oil company INA has agreed the purchase of the Italian ENI company's stake in the gas fields in the northern Adriatic, INA said on Wednesday, noting that it would become the sole owner of the Italian oil and gas group's ENI Croatia BV subsidiary and take over the management of the exploitation fields North Adriatic and Marica once all contractual terms were met, including approval by market competition agencies.