Hungary's MOL said on
Tuesdayfalling oil prices have prompted it to backtrack on plans to seek
the payment of extraordinary dividend from jointly-owned Croatian oil and gas
company INA.
The Hungarian oil and gas group owns 49.08% of INA and the Croatian government
controls a further 44.84%. In September 2013, the two sides launched talks to
renegotiate the terms for the company's management.
In November, MOL proposed a shareholder meeting to vote on the payment of 2.0
billion kuna ($294 million/260 million euro) in dividend from retained
earnings.
"Due to the falling oil price and its potential negative effect on
INA, MOL as a responsible shareholder has suspended its request to convoke an
extraordinary general meeting of the shareholders of INA with the agenda of
extraordinary payout of dividends,” MOL said in a statement.
INA has exploration and production operations in
Croatia
,
Africa
and the
Middle East
and operates a
filling station network on its home market and in neighboring countries.