INA SEEKS STRATEGIC INVESTOR FOR 'CROSCO'

ZAGREB, May 15 (Hina) - Croatia's oil company INA has recently announced that it is going to sell over a 50-percent business portion in the CROSCO firm, to a long-term strategic investor, INA said on Monday. "CROSCO Naftni Servisi d.o.o.", that employs about 2,000 workers, offers services in drilling, overhauls, repairs, equipment and tests of oil wells. The aim of INA which completely possesses this firm, is that CROSCO remains a Croatian company for long time, registered in Zagreb, while a strategic investor should assume duties to protect employees' rights as well as to protect environment at sites where CROSCO is going to work in Croatia in coming years. The basic reason for searching for a qualified foreign strategic partner is to ensure long-term businesses and development of the company. CROSCO has significant capacity for drilling, overhauls and special works. It has also gained international experience but prospect it has in Croatia are moderate, INA added. INA is going to retain a part of the ownership in CROSCO's capital so that important decisions about that firm cannot be taken without the Croatian national oil company's consent. (hina) jn ms