Pancevo oil refinery (BetaPhoto/Ministry of Mining and Energy of Republic of Serbia/Emilija Jovanovic)
The Hungarian MOL Group confirmed on Jan. 19 that it had signed "binding Heads of Agreement" with the Russian Gazprom Neft on purchasing 56.15 percent in the Serbian NIS oil company.
MOL said in its announcement that it was negotiating with the United Arab Emirates national oil company ADNOC on it becoming a minority shareholder in NIS, while MOL will keep the majority stake and controlling rights.
Completing the transaction will require approval from the U.S. Treasury's Office of Foreign Assets Control and other regulatory and state agencies in Serbia.
The sides plan to sign the sale agreement by March 31, MOL said.
"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 announcement read.
To get full access to all content of interest see our
Subscription offer
Or
Register for free
And read up to 5 articles each month.
Already have an account? Please Log in.