MOL to Launch a Public Offer for INA

Tuesday, July 15, 2008

MOL has notified the relevant bodies in Croatia about its intention to launch a voluntary public offer within the time period provided by the law for all of the shares of INA Industrija Nafte dd that are not owned by MOL or the Republic of Croatia acting in concert with it.

The Government of Croatia and MOL have been continuing negotiations with respect to strengthening their strategic co-operation in the regional energy industry, including the future development and ownership of INA.

Although these negotiations are still ongoing, with this public offer MOL intends to clearly express its commitment to INA and at the same time limit further speculations on the market.

MOL believes that further strengthening of the strategic partnership with INA could create significant value for all the stakeholders concerned. During the past 5 years since MOL became strategic partner of INA, it has been actively participating in the improvement of the INA business performance as well as in the increase of its transparency facilitating its restructuring in a socially responsible way.

MOL is fully committed to the future development of all businesses of the company to solidify INA’s position as the leading industry player in South-East Europe against a background of increasing regional competition. As a prime example, MOL has initiated the scope and budget increase for the modernization of INA’s Rijeka and Sisak refineries to meet the most sophisticated European product standards.

MOL intimately knows the development potential of INA and is prepared to offer a fair and realistic price to all shareholders of the company. In addition, being a responsible entity, MOL intends to provide clarity to the investors of INA and limit further speculations, which have already disturbed the market significantly and could mislead investors regarding their expectations.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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