MOL, Gazprom Neft Reach Deal on Sale of Stake in Serbia’s NIS

Dubravka Djedovic Handanovic (BETAPHOTO/MILOS MISKOV)

Hungary’s MOL and Russia’s Gazprom Neft have accepted the basic terms of a new contract to govern the sale of a majority stake in Serbia’s Naftna industrija Srbije (NIS), Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic said on Jan. 19.

“This was a request of the U.S. administration, and it will be forwarded to them for approval as such,” the minister said in a video statement, adding that Serbia had used the negotiations to  increase its stake in NIS by five percent.

“During the talks, Serbia managed to improve its position compared to 2008, when our stake was below 30 percent. In other words, Serbia’s stake in NIS will be increased by five percent, which will give us greater decision-making rights at the shareholders’ assembly and, more importantly, an opportunity to protect the interests of our citizens,” the minister explained.

The energy minister also said that partners from the United Arab Emirates were also expected to be part of the future sale agreement, noting that it was a matter to be discussed further until March 24.

“What is important for us is that MOL has accepted not to shut down the Pancevo refinery, but to maintain the previous production levels instead, increasing them if necessary,” Djedovic- Handanovic said.