MOL announced that it has successfully concluded negotiations with the Government of Serbia regarding the signing of a shareholder agreement for the acquisition of a majority stake in the Oil Industry of Serbia (NIS).
According to the statement, negotiations with the seller, namely Gazprom Neft, and the relevant institutions are still ongoing in order to finalize the transaction.
Earlier, Minister of Energy Dubravka Đedović Handanović stated that all outstanding issues with Hungary’s MOL had been successfully resolved and that a compromise had been reached regarding the shareholder agreement between the Republic of Serbia and MOL.
The minister announced on Instagram that, among other things, Serbia and MOL agreed on the following:
-If Gazprom Neft reaches an agreement with MOL on the sale of its 56.15 percent stake in NIS, and the American OFAC approves the transaction, the Serbian state will purchase an additional five percent of NIS shares, which will grant the state additional rights regarding the adoption or blocking of important decisions for the country.
-Regarding the operation of the Pančevo Refinery, the Hungarian side committed that the refinery will continue operating as before, with at least the same average annual capacities as in the last four years before the introduction of U.S. sanctions, when NIS was operating very successfully. Maintaining this level of refinery activity, necessary to meet the Serbian market’s demand for petroleum products, was one of the key issues for the Serbian side, and I am proud that we managed to reach a very important and beneficial agreement for the citizens of Serbia.
-Members of the Serbian side on the NIS Board of Directors will generally have greater powers than before in making decisions and in blocking potentially unfavorable decisions for the Republic of Serbia. Serbia has not had such influence since 2008, when NIS was privatized.
We continue to work diligently on finding a long-term solution for NIS, following the introduction of U.S. sanctions, for which the Republic of Serbia, its government, and its citizens bear no responsibility, the post by Minister Đedović Handanović on Instagram states.
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Source: RTS; Foto: Printscreen Instagram