CRO & HUNGARIAN OIL COMPANIES' UNIONS SUPPORT MERGING

ZAGREB, Aug 19 (Hina) - The trade union of Croatia's oil company INA and Croatia's oil economy and the miners' union of Hungarian oil company MOL will support the announced merging of the two companies if it will contribute to employees' well-being, the two unions' heads told reporters in Zagreb on Thursday. "If merging means a better tomorrow for both companies, greater employment of our capacities, secured jobs, and higher competition on the domestic and world market, both unions welcome their managements' activities," said Bozo Mikus, president of the INA union. The INA and MOL unions, which have been cooperating for several years, were the first to be informed of the beginning of negotiations. The unions' heads said however they have no concrete data on the course of negotiations and a merging model. "The unions don't want to obstruct the negotiating process," said Jozsef Kudela, president of the MOL miners' union. "Our job will begin only if the two companies do merge," he announced, adding he hoped the employees' interests would be taken into consideration. After reports in the Croatian press that the two oil companies intended to merge, the companies' managements announced on August 3 they had signed a memorandum on understanding by which they were to begin exclusive negotiations on possible merging. MOL is one the leading oil and gas companies in Central Europe, and the biggest in Hungary according to earnings, which last year amounted to US$2.9 billion, including a US$253 million profit. More than half its shares is owned by foreign capital, primarily American. (hina) ha