Official: Hungary's Oil Giant MOL and Serbia Reach Agreement on Acquisition of NIS
The deal would give Serbia an additional 5% stake in NIS and preserve refinery output if U.S. regulators approve the sale.
- On Wednesday, Serbian Energy Minister Dubravka Djedovic Handanovic announced that Serbia and MOL successfully resolved all outstanding issues regarding the shareholder agreement for the National Petroleum Company of Serbia .
- The U.S. Treasury's Office of Foreign Assets Control imposed sanctions on NIS last October, demanding divestment of Russian-owned shares and forcing the company to seek temporary operating licenses.
- Under the compromise, Serbia will purchase an additional 5% of NIS shares if MOL acquires the 56.15% Russian-owned stake pending OFAC approval, while MOL pledged to maintain the Pancevo refinery's annual capacity consistent with the four years prior to sanctions.
- Djedovic Handanovic said the agreement provides the state "additional rights when it comes to making or blocking decisions important for our country," with Serbian members of the NIS Board of Directors receiving greater powers.
- Discussions continue to finalize the transaction before the current operating license expires on June 16, following two-week extensions Washington granted in May and early June to allow time to close negotiations.
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Official: Hungary's oil giant MOL and Serbia reach agreement on acquisition of NIS
Hungarian energy company MOL and the Serbian government have reached a major agreement on the future ownership and governance of Serbia’s oil industry giant NIS, potentially paving the way for MOL to acquire the company’s Russian-controlled majority stake.Continue reading
All open issues between the Hungarian MOL and the Serbian state regarding the future of the Serbian Petroleum Industry Company (NIS) have been resolved, and a compromise has been reached on the shareholder agreement between the parties, Serbian Energy Minister Dubravka Djedovic Handanovic announced on Wednesday. The minister wrote that the two parties agreed, among other things, that if Russia's Gazpromneft signs an agreement with MOL on the sal…
Srbija i energetska kompanija MOL danas su zatvorili sva otvorena pitanja i postigli su kompromis kada je u pitanju ugovor akcionara (Shareholder Agreement) u vezi sa mađarskim otkupom većinskog udela u Naftnoj industriji Srbije (NIS), koji se nalazi pod američkim sankcijama.
The Hungarian side has committed that the Refinery will continue to operate as before.
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