MOL and INA to buy 67 % of Bosnia's Energopetrol
A consortium of Hungarian oil and gas company MOL and Croatian peer INA have signed a contract to purchase a 67 %
stake in Bosnia's state-controlled fuel retailer Energopetrol.
The Bosnian government approved in July the much-delayed plan to sell the stake to MOL and INA. The indebted
Energopetrol operates 66 service stations.
The consortium will pay 10.2 mm Bosnian marka ($ 1 = BAM 1.5161) for the majority stake, and BAM 60.2 mm for
servicing debt, including BAM 14.6 mm in reserves. MOL and INA have also pledged BAM 150 mm in investment and to
cover the company's losses in 2005-2006.
The contract is pending shareholder approval, which is expected to be given in August. The Bosnian government will
retain an Energopetrol stake of 22 %, with 11 % of equity in the hands of small shareholders.
MOL and INA agreed not to acquire Energopetrol's oil terminals, which are seen as of strategic importance for Bosnia,
enabling it to keep fuel reserves and protect itself from any suppliers' monopoly.
MOL holds a 25 %-plus-one-vote stake in INA.
