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MOL willing to participate in further privatisation of INA, invest into refineries

BUDAPEST, Nov 28 (Hina) - The Hungarian oil company MOL plans to tripleits oil and gas output and double its refinery production by 2010, andin order to carry out those plans MOL is willing to invest, togetherwith Croatian oil company INA, USD 900 million in the oil refineriesin Sisak and Rijeka, MOL CEO Zsolt Hernady told reporters in Budapeston Monday.
BUDAPEST, Nov 28 (Hina) - The Hungarian oil company MOL plans to triple its oil and gas output and double its refinery production by 2010, and in order to carry out those plans MOL is willing to invest, together with Croatian oil company INA, USD 900 million in the oil refineries in Sisak and Rijeka, MOL CEO Zsolt Hernady told reporters in Budapest on Monday.

MOL is ready to cooperate in the further privatisation of INA, if and when the Croatian government decides to privatise it, he said.

The Croatian government has launched the second phase of privatisation and chosen a consultant for that purpose, and MOL is ready to participate in the further privatisation of INA, Hernady said.

Commenting on announcements about Croatia's abandoning the Druzba Adria oil pipeline project, Hernady said this was Croatia's internal matter.

MOL is ready to invest into equipping the oil pipeline if the project is launched, but if it is abandoned, that will not significantly affect MOL's operation, Hernady said.

Commenting on the privatisation of the Bosnian oil company Energopetrol, MOL Management Board member Giorgy Mosonyi said MOL expected the situation to be much clearer by the end of the year, when the final decision on the start of the privatisation would be made.

MOL's total investments until 2010 are expected to amount to USD 5.4 billion. The current price of MOL shares on the Budapest Stock Exchange is around 87 euros per share, Budapest Stock Exchange president Attila Szalay Berzeviczy said.

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