INA Halt To Syria Activities In Effect Until Further Notice
27 February 2012 - 9:18PM
Dow Jones News
Croatian energy firm INA d.d. (INA.ZG) has delivered a force
majeure notice announcing the indefinite suspension of its
activities in Syria, the company said Monday.
"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.
INA is majority-owned by Hungarian peer MOL Nyrt. (MOL.BU) and
has exploration activities in Syria, where internal turmoil has
compelled several foreign companies to withdraw.
"INA and MOL Group do not expect to receive any revenues,
neither to realize its production share from Syria, for the
foreseeable future, i.e. until the termination of the 'force
majeure'," MOL said in a statement.
-By Gergo Racz, Dow Jones Newswires, +361-267-0622;
gergo.racz@dowjones.com
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