MOL: EU decision on Syria does not pose an obstacle to INA’s operations

According to a statement published on INA’s homepage, “the decisions passed by the European Union Council should not pose an immediate obstacle to INA’s petroleum operations in Syria.”

Our view: This statement confirms our view that INA’s Syrian operations will remain broadly unscathed as long as the EU prohibits member state companies from doing business in Syria. As the stock reacted very strongly in yesterday’s trading (down 5.6%), we might see a correction today.

[Buy, Fair Value 27,300]