The Hungarian oil company MOL (MOL Group) has signed the main clauses of a binding framework agreement (Heads of Agreement) with "GazpromNeft" to acquire a 56.15% stake in the Serbian company NIS, MOL announced, Serbian media reported, quoted by BTA.
The Russian companies – – – GazpromNeft“ and – Intelligence“, which are subsidiaries of the Russian giant &ndquo;Gazprom“, own a total of 56.15 percent of NIS. The Serbian government owns nearly 30 percent of the shares, and small shareholders – about 14 per cent.
MOL and "Gazprom" plan to sign the purchase agreement by March 31, the statement said, noting that the conclusion of the deal, among other things, requires the consent of the US authorities in the person of the Office of Foreign Assets Control (OFAC), as well as other state and regulatory authorities in Serbia.
Upon closing the deal, MOL will assume significant shareholder responsibilities and management rights in the company that operates the only oil refinery in Serbia, thus further strengthening its presence in the energy market in Central and Southeastern Europe, MOL said in a statement.
The sale is a result of US sanctions imposed on NIS on January 10, 2025, which, after being postponed eight times, entered into force on October 9.
Due to Russia's invasion of Ukraine, Washington demanded at the beginning of last year that NIS be divested of its entire majority Russian stake in Serbian company.
The Russian side only gave its consent to the sale at the end of November, and the Hungarian oil company MOL was one of the first candidates to show interest.