MOL to buy Serbia’s Russia-owned Shares in NIS oil company if US approves

19 Jan MOL to buy Serbia’s Russia-owned Shares in NIS oil company if US approves

(Oilandgaspress) MOL Group has signed a binding Heads of Agreement with Gazprom Neft to acquire its 56.15% stake in the Serbian Naftna Industrija Srbije (NIS) corporation. Once the transaction is completed, MOL will assume significant shareholder responsibilities and control rights in the company operating Serbia’s only refinery, this way further strengthening its presence in the Central and Southeastern European energy market. Besides the oil refinery in Pancevo NIS also has a retail network and holds an exploration and production portfolio.

The transaction, to be completed after the fulfilment of conditions set out in the Heads of Agreement including obtaining the necessary regulatory approvals, can ensure the long-term, stable operation of the Pancevo refinery and the related business units, as well as the uninterrupted supply of the region’s energy markets.

The completion of the transaction requires, among others, the approval of OFAC (the United States of America’s Office of Foreign Assets Control) and other Governmental and State approvals in Serbia. The Heads of Agreement set out the key terms of the sale and purchase agreement, including the timeline for the due diligence of NIS and the application for regulatory approvals. The parties aim to sign the sales and purchase agreement by 31 March 2026.

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