Representatives of the Hungarian oil company MOL signed a framework agreement with the Russian Gazpromneft on the acquisition of majority ownership in the Oil Industry of Serbia /NIS/.
They plan to sign the sales contract by March 31, Sputnjik reports.
MOL stated that the main provisions of the binding Agreement on the purchase of a 56.15 percent stake in NIS, which is under US sanctions due to Russian majority ownership, have been signed.
MOL is also in negotiations with the company “ADNOK”, the national oil company of the United Arab Emirates, about its entry into the ownership structure of NIS as a minority shareholder, while retaining the majority ownership and management rights of the Hungarian company.
They noted that for the conclusion of the transaction, among other things, the consent of the Office for the Control of Foreign Assets of the US Ministry of Finance /OFAK/, as well as other state and regulatory bodies in Serbia, is necessary.
After that, MOL will assume significant shareholder responsibilities and management rights in the company that manages the only refinery in Serbia, in Pančevo, which will further strengthen its presence on the energy market of Central and Southeastern Europe.
MOL stated that the transaction can ensure long-term and stable operations of the Refinery in Pančevo and related business entities, as well as uninterrupted supply of regional energy markets.
The Hungarian company pointed out that they have been cooperating very well with their partners in Serbia for many years, and that they are dedicated to working together with the government in that country to further strengthen security of supply.
