Hungary’s MOL to buy Serbia’s Russia-owned NIS oil company if US approves
BELGRADE, Serbia (AP) — of Hungary MOL Group energy company said on Monday that it had signed a preliminary agreement to purchase a 56.15% stake in Serbia’s main Russian oil supplier. Approved by the USA.
MOL Group said in a statement that it would need approval from the US Office of Foreign Assets Control before a “binding agreement with Gazprom Neft” could be completed. In the statement, it was stated that the parties aim to sign the sales and purchase agreement by March 31.
Naftna Industrija Srbije, or NIS, controls almost all of Serbia’s oil market and operates the Balkan country’s only oil refinery. MOL Group said the acquisition will further strengthen the Hungarian company’s presence in the regional energy market.
“We want to contribute to the development of Central and Southeastern Europe as a reliable regional energy provider,” said Zsolt Hernadi, President and CEO of MOL Group.
MOL Group and ADNOC, the national oil company of the United Arab Emirates, are also in talks for ADNOC to join, possibly as a minority shareholder, Hernadi said.
Serbian Energy Minister Dubravka Djedovic Handanovic said on Monday that the expected deal would also increase Serbia’s stake in NIS by 5% from the 29.87% it currently holds.
Washington imposed sanctions on NIS last year as part of a crackdown on Russia’s energy sector, and the sanctions took effect in October. NIS has a license from OFAC to negotiate the sale through March 24.
Serbia is officially seeking European Union membership, but the country Maintained strong ties with Moscow and refused to join Western sanctions imposed on Russia over the invasion. Ukrainian.
Serbia sold its majority stake in NIS to Russia in 2008.
