We finally saw an end to the dilemma on the Croatian partnership in the LNG project.

The Presidents of the Board of three Croatian companies signed a statement on forming the company LNG Croatia, of which the majority share would go to INA (56%), with Hrvatska Elektroprivreda (HEP Group) (40%) and Plinacro (4%). This statement is a foundation for the formation of a Croatian company within the LNG Adria d.o.o. consortium. This consortium will construct the natural gas terminal on Krk. Once the company LNG Croatia is formally founded, with signed ownership contracts, then the project can go forward. The Government will inform consortium LNG Adria that LNG Croatia will be the Croatian representative in the LNG Adria d.o.o. LNG Croatia will have a Supervisory Board with their President being the Prime Minister, and the member seats equally distributed according to the ownership shares of the founding companies. Those familiar with the project feel that the ownership contract will be a vital document for the future of the company, and that with this decision the Government catered to the interests of MOL and that this idea was the result of the government’s discussions with MOL regarding the new shareholder contract of INA.