Hungarian MOL signed a preliminary agreement to buy Serbian NIS from Russian "Gazprom Neft"

Hungarian energy company MOL Group announced the signing of a preliminary agreement to acquire a 56.15% stake in the Serbian oil company NIS. Currently, the majority stake is owned by the Russian “Gazprom Neft”, which is under US sanctions. This is reported by AP, writes UNN.

DetailsAccording to MOL Group’s statement, the completion of the deal depends on the decision of the US Office of Foreign Assets Control (OFAC). Since NIS was sanctioned as part of restrictions against Russia’s energy sector, the transaction requires official approval from Washington. The parties plan to sign the final purchase and sale agreement by March 31. Currently, NIS has an OFAC license to negotiate the sale, which is valid until March 24.

Strategic importance for the region”Naftna Industrija Srbije” (NIS) has virtually monopolized the country’s oil market and operates the only Serbian refinery. MOL Group CEO Zsolt Hernádi noted that this acquisition will strengthen the Hungarian company’s presence in Central and Southeast Europe.

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Negotiations are also reported with the UAE national oil company (ADNOC) regarding its possible joining the project as a minority shareholder.

Serbian Energy Minister Dubravka Đedović Handanović confirmed that as part of the expected agreement, the Serbian government’s share in NIS will increase by 5% – from the current 29.87% to almost 35%. This will allow the state to strengthen its influence on the strategic enterprise after the withdrawal of Russian capital. 

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