Bloomberg News

INA Pulls Out of Syria Following Croatian Government Decision

February 27, 2012

INA Industrija Nafte d.d., a Croatian refiner controlled by Hungary’s Mol Nyrt., said it is pulling out of Syria, following the Croatian government’s Feb. 23 decree to abide by an EU embargo on the Middle Eastern country.

The Zagreb-based company yesterday informed the General Petroleum Co. of Syria that it its temporarily suspending all business activities in their joint venture natural gas and crude oil facilities until further notice, INA said in an e-mailed statement, citing “force majeure.”

“Based on the Croatian government decision, as well as the overall security situation in Syria, INA is not able to continue performing its regular business operations and activities in Syria due to reasons which are beyond the control of the company,” INA said.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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