The New York-based investment bank Lazard is the Croatian government's new consultant on the buyback of the Hungarian energy group MOL's stake in the INA oil company, Finance Minister Zdravko Maric told reporters in Zagreb on Wednesday after a meeting of the government's Advisory Committee on INA.

Maric recalled that a consortium of Morgan Stanley, Intesa Sanpaolo Group and Privredna Banka Zagreb had previously been selected as a consultant, but that disagreements had emerged over what should be included in the agency agreement, notably technical aspects of the hiring of consultants.

“We decided to conduct interviews with other bidders from the first round and we have selected a new consultant, Lazard,” Maric said.

Environment and Energy Minister Tomislav Coric said that the decision on signing the agreement with Lazard would be formally adopted at a Cabinet meeting on Thursday.

Coric said that the new consultant’s services could cost €9 million at most.

The agreement with Morgan Stanley, Intesa Sanpaolo Group and Privredna Banka Zagreb cost €8 million.

Coric said that due diligence could be completed in six months, and that the government would make its offer to MOL in the first quarter of 2020.