Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

UPDATE 1-Croatia'a INA buys back 50 pct JV stake from Italy's ENI

Published 20/06/2018, 08:01 pm
UPDATE 1-Croatia'a INA buys back 50 pct JV stake from Italy's ENI

(Adds details, background)

ZAGREB, June 20 (Reuters) - Croatian oil group INA INAI.ZA said on Wednesday it has decided to buy back a 50 percent stake held by Italy's ENI ENI.MI in a joint venture exploiting 10 gas wells in the northern Adriatic.

"The deal confirms Croatia's ambitions to increase domestic gas production," INA senior official Tvrtko Perkovic said.

The wells produce 1.5 million cubic metres of gas a day and INA aims to increase output by 400,000 cubic metres per day, Perkovic said.

The two companies signed a deal in 1996 to set up the INAgip joint venture which has the exploitation rights until 2036.

Tvrtkovic told reporters the details of the transaction are confidential.

Croatia imports more than 40 percent of its gas consumption. Its energy ministry recently said it plans to pass a new law on hydrocarbons aimed at boosting exploration, most notably in onshore areas.

The newest European Union member, Croatia aims to produce 30 percent of its oil and more than 50 percent of its gas needs domestically by 2030. L8N1RX2JJ

INA has a market capitalisation of 32.1 billion Croatian kuna ($5.03 billion).

In April, Croatia picked a consortium of banks to advise it in the process of buying back 49 percent of INA's shares from Hungary's MOL MOLB.BU .

Zagreb, which owns close to 45 percent of INA, and MOL, have for several years been at odds over management rights and INA's investment strategy. ($1 = 6.3817 kuna)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.