Strategic partnership
Through acquisition of 25% plus one share in 2003, MOL has become Ina’s strategic partner and Ina has become part of an integrated regional partnership in the oil and gas industry consisting of MOL, INA, Slovnaft and TVK.
As of 31 December 2012 MOL share amounts to 49.08% of INA – INDUSTRIJA NAFTE d.d. shares.
Joint oil and gas exploration and production activities
In 2007 INA and MOL continued the work in upstream activities. After signing the Contract on Joint Drilling of exploration well Zalata (Hungary) and Podravska Slatina (Croatia) in September 2006, in 2007 first results on Zalata-1 well were announced, where hydrocarbon reserves were discovered. In September 2007 INA and MOL have signed the Contract on Joint Drilling of border area Novi Gradac (Croatia) and Potony (Hungary), aiming at discovery of new hydrocarbon reserves. An investment into the joint project and production share is determined 50:50 by the Contract.
INA and MOL are jointly evaluating the international upstream business opportunities for possible future cooperation on international projects. By diversifying risk and combining the financial and human resources, both companies will improve operations and efficiency.
Support in the Refinery Modernisation Programme
Another key area of the current cooperation between INA and MOL includes the development and implementation of a full modernization program at both of INA’s refineries. This comprehensive refinery modernisation project with the objective to rank INA among the most technically advanced refiners in the region includes expansion of refining capacity and reaching EURO V quality standards. In implementation of refineries' modernisation programme, INA benefits from MOL’s experience in modernizing its own refineries.
Regional retail network development
The mutual acceptance of branded fuel cards at both INA and MOL petrol stations has continued with their successful application. The partners have consolidated a marketing strategy for the entire South East European region, including the review of retail positions in the region.
Integrated SAP system
In 2007 INA stabilised the SAP system and upgraded process and organisational prerequisites for higher-quality SAP support, once more relying on MOL experiences regarding the integrated SAP system.
INA and MOL Shareholders Agreement
After selling 7% shares to former and current INA employees, ownership structure of the company has changed and now less than 50% of total shares lie in state ownership. In this sense, the Croatian Government and MOL have signed the First Amendments to the Shareholders Agreement.
Other areas of cooperation
Further development of partnership relations are intended to enable us to exploit synergies in all business aspects. The exchange of knowledge and the implementation of joint projects are intended to assist INA in the realisation of our growth targets in regional oil, natural gas and refined product markets. Joint cooperation of the two companies ensures establishment of communication channels which should provide better utilisation of each c company’s specialty in specific area.
Broadening the cooperation: Energopetrol acquisition
In September 2006, MOL/INA consortium (50% INA and 50% MOL) signed a Recapitalization Agreement with the Government of the Federation of Bosnia and Herzegovina and Energopetrol for the acquisition of a 67% interest in Energopetrol. In 2007, the consortium took over the management of the said company, which is a market leader on retail market of oil products in Bosnia and Herzegovina.
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