Eni Will Not Submit Bid for Stake in INA

Eni SpA is trying to suppress rumors that is aiming to become a strategic partner of Croatia's state-owned oil and gas monopoly INA. "Eni is not among bidders for INA," a company source said in a statement. The comment came as a report was released that Eni competitor, Edison SpA, submitted a letter of intent to acquire a 25% stake for an undisclosed amount in INA.

Croatia is in the process of selling a 25% stake in INA and it is soliciting expressions of interest for the company valued between EUR1.2 billion and EUR1.8 billion. The government also plans to list around 15% of INA at a later stage.

Among companies interested in buying an INA stake, MOL Magyar Olaj- es Gazipari Rt. said it has submitted a letter of intent. Besides MOL, OMV AG, and Lukoil Holdings are reportedly interested in INA.