Bloomberg News

INA Says Syria Oil, Gas Rights Remain Despite EU Embargo

March 27, 2012

INA Industrija Nafte d.d., a Croatian refiner controlled by Hungary’s Mol Nyrt. (MOL), said its contract with the Syrian state oil company remains valid after INA pulled out of Syria on Feb. 27 to comply with European Union policy.

“The contracts INA signed with Syria remain legally binding in that country and the contracts clearly define how and under what procedure they can be broken,” INA said today in an e-mailed response to questions. Recent media reports in Croatia suggesting that Syria will award those contracts to another company are “unfounded,” it said.

The refiner pulled out of Syria following the Croatian government’s Feb. 23 decree to abide by an EU embargo on the Middle Eastern country. The company said on Feb. 27 it has informed the General Petroleum Co. of Syria it is “temporarily” suspending all business activities in their joint venture natural gas and crude oil facilities until further notice, citing “force majeure.”

“INA continues to actively protect its interests in Syria,” the Zagreb-based company said today, adding it coordinates its business and legal activities in Syria with other international oil companies present in the country.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at

To contact the editor responsible for this story: James M. Gomez at

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