MOL told Reuters on Tuesday that its 25% stake in Croatian oil&gas company INA was a strategic investment and dismissed a press report that said it was in talks to sell the shares. Croatian weekly Nacional reported on Tuesday that MOL was unhappy with the way the Croatian government is pressuring INA to keep petrol prices low, citing a senior INA manager as a source. The paper also said the Croatian government and MOL were in serious talks about selling MOL's stake in INA, most probably to Russia's Gazprom Neft, the oil arm of gas monopoly Gazprom. Moreover, Nacionál speculated further saying that a political deal might be reached during Russian President Vladimir Putin's visit to Zagreb on June 24, where he will attend a regional energy conference.
MOL is seemingly unhappy with the situation that it cannot boost its stake further in INA. We believe potential selling of its 25% INA stake to Gazprom is much more a card in this game than a real option. We do not consider the news to have any impact on the share price of MOL.