Mol Nyrt. (MOL), Hungary’s largest refiner and operator of Croatia’s INA Industrija Nafte d.d., plans to boost its spending to $191 million this year on exploration and field development in Croatia, up from $34 million in 2011.
Mol’s program in Croatia includes drilling seven exploration wells and five production wells, as well as enhancing oil recovery at existing facilities, the Budapest- based company said today in an e-mailed statement.
Both Mol and its largest subsidiary, INA, posted a loss in the fourth quarter, after violence in Syria hurt the output at INA’s crude oil and gas facilities in the Middle Eastern country. INA on Feb. 27 announced it is pulling out of Syria, following the Croatian government’s decision to abide by a European embargo on Syria.
Mol’s investment plan for Croatia also includes an estimated $37 million for research and production in Syria, the company said, adding the implementation “will depend on whether and when INA will be able to resume works.”
The Hungarian refiner, which secured controlling rights of INA in the 2009 shareholding agreement, owns 47.47 percent of the company, with an option to buy another 1.6 percent. The Croatian government holds 44.84 percent.
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