Croatian Energy Group INA Signs $300 mln Loan
Croatian oil and gas group INA has secured a $300 million loan for general financing purposes with seven international and local banks, the company said in a statement on Wednesday.
The revolving loan has a three-year maturity with an option for extension for up to two years, INA said.
"The loan conditions are much better than those for a loan taken in 2013," it added, withouth giving details.
INA's biggest shareholder is Hungarian energy group MOL with a stake close to 50 percent. The Croatian government has a bit less than 45 percent.
The two sides have been at odds in recent years over management rights and investment plans. Last month, MOL raised the prospect of increasing its stake in INA but said it would not do so until Zagreb adopted a more investor-friendly approach to foreign firms.
In the first nine months of this year INA sales fell 21 percent to 14.9 billion kuna ($2.1 billion), while net profit fell 38 percent to 359 million kuna.
(Reporting by Igor Ilic)
