MOL has signed a preliminary agreement to acquire a 56.15% stake in NIS

Hungarian oil and gas company MOL has signed a preliminary binding agreement to acquire a 56.15% stake in the Oil Industry of Serbia (NIS) company. This was announced on January 19 by the press service of the Hungarian company.

"The MOL Group of Companies has signed a legally binding agreement <...> to acquire 56.15% of the shares of the Serbian Corporation Oil Industry of Serbia (NIS)," a statement on the MOL website said.

It is noted that the final agreement can be signed before March 31 with the approval of the US and Serbian authorities. Upon completion of the transaction, MOL will receive significant control rights and shareholder responsibilities in the company that operates the only oil refinery in Serbia.

This will expand the Hungarian company's capabilities in the region and strengthen its position in the energy sector.

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Serbian Minister of Mining and Energy Dubravka Jedovic announced on December 31 that NIS had extended the license of the Office of Foreign Assets Control (OFAC) of the U.S. Treasury until January 23. According to her, the oil refinery in Pancevo will be able to resume work.

Prior to that, on November 17, Hungarian Minister of Foreign Affairs and Foreign Economic Relations Peter Szijjarto said that MOL could get a stake in Serbian NIS, and the buyout would help bring the company out from under US sanctions. Djedovic-Handanovic also noted that the Russian owners had agreed to sell their 56.15% stake in NIS, but the buyer was not disclosed.

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