Hungarian oil and gas company MOL Nyrt. (MOL.BU) will close a deal with the Croatian government on the acquisition of a stake in refiner INA d.d (INA.ZG) within a reasonable time, MOL Chief Executive Gyorgy Mosonyi said Thursday.
"Negotiations with the Croatian government are underway ... I'm sure we'll reach a mutually favorable solution within a reasonable time .... I see no time constraint," Mosonyi said.
MOL's stake in INA rose to 47.15% last week after MOL acquired a 22.15% stake in the refiner in a recent public bid. Prior to the bid, MOL had a 25% stake in INA.
"As you know we took out a EUR2.1 billion credit line prior to the financial crisis and we set aside EUR890 million to finance INA deal," Mosonyi said.
He added that MOL's financial situation was very stable as the refinancing of the credit is due in 2010.
"We aren't planning any huge acquisitions for now but we have ample resources for any future acquisition ... we're looking for upstream partnerships rather than company buys in this segment," Mosonyi said.
The executive said the company plans no treasury share purchases for now even though MOL shares were battered heavily in recent weeks due to the global crisis.