ZAGREB, June 14 (Hina) - Ten offers for the purchase of 25 percent plus one share of the Croatian oil company INA have been submitted by 1 pm, the government's public relations office said on Friday.
ZAGREB, June 14 (Hina) - Ten offers for the purchase of 25 percent
plus one share of the Croatian oil company INA have been submitted
by 1 pm, the government's public relations office said on Friday.
#L#
Strategic interest in INA has been expressed by Edison Gas,
Emerging Market Partnership, Hellenpetrolium, Lukoil/Consortium
with the LATSIS Group, MOL, OMV, Petrol/Israeli Consortium, PKN
Orlen, ROSNEFT, and Sibneft.
The offers will be examined by the government's advisers for the
privatisation of INA - Deutsche Bank and PricewaterhouseCoopers.
Based on criteria which will be determined with the Croatian
government and the INA board of directors, they will shortlist the
companies.
The names of the finalists will be disclosed early in July. The due
dilligence process will be carried out during the summer.
Deputy Prime Minister and INA supervisory board chairman Slavko
Linic said the submitted offers confirmed that potential partners
were very interested in INA's privatisation.
"The successful privatisation of INA is a strategic interest for
the Croatian state and a precondition for Croatia's integration
into Europe," Linic said, adding that the government was aware of
the importance of the process for INA's future development and
Croatian economy in general.
The finalist companies will continue to participate in the further
privatisation of INA and invited to thoroughly review INA's
business (due dilligence). These companies will be submitted an
information memorandum and an invitation to check INA's data in
view of estimating all the factors which will have bearing on their
decision to buy 25 percent plus one INA shares.
INA is owned by the Croatian government and employs 17,000. Its
production at home and abroad in 2001 included two million tonnes of
crude oil and 1.8 billion square metres of natural gas.
INA owns two refineries and two lubricant plants in Croatia. These
processed 4.8 million tonnes of crude oil in 2001 and supply a
retail network with 450 outlets in Croatia and abroad. The domestic
turnover in 2001 was 1.2 million tonnes.
According to revised financial reports for 2001, consolidated
earnings from sales totalled 16.122 billion (EUR2.2 billion) and
assets 14.874 billion kuna (EUR2.03 billion).
(EUR1 = 7.34 kuna)
(hina) ha sb