MOL Group has signed the main terms of a binding framework agreement (Heads of Agreement) with the company Gazprom Neft regarding the purchase of a 56.15% stake in the Serbian company Naftna Industrija Srbije (NIS), the company announced.
Upon completion of the transaction, MOL will assume significant shareholder responsibilities and management rights in the company that operates the only refinery in Serbia, thereby further strengthening its presence in the energy market of Central and Southeastern Europe. In addition to the oil refinery in Pancevo, NIS also owns a retail network, as well as a portfolio in the field of exploration and production.
The transaction, which will be realized after the fulfillment of conditions provided for by the framework agreement, including obtaining the necessary regulatory approvals, can ensure long-term and stable operation of the Pancevo Refinery and related business units, as well as the continuous supply of regional energy markets.
“As a reliable regional energy supplier, we want to contribute to the development of Central and Southeastern Europe. We have had excellent professional cooperation with our partners in Serbia for many years. MOL is committed to working together with the Government of the Republic of Serbia on further strengthening the security of supply in Serbia and the region. The energy sovereignty of landlocked countries requires the cooperation of strong local refineries that operate predictably and successfully, as well as the involvement of strong partners. Therefore, MOL Group is in negotiations with the company ADNOC, the national oil company of the United Arab Emirates, regarding its entry into the ownership structure of NIS as a minority shareholder, while retaining MOL’s majority ownership and management rights. We are ready for this task and will continue discussions with our partners,” stated Zsolt Hernadi, Chairman and CEO of MOL Group.
For the conclusion of the transaction, among other things, the consent of OFAC (Office of Foreign Assets Control of the United States Department of the Treasury) is necessary, as well as other state and regulatory bodies in Serbia. The framework agreement defines the key terms of the purchase agreement, including the timeframe for conducting due diligence of NIS’s operations and submitting requests for regulatory approvals. The parties plan to sign the purchase agreement by March 31, 2026.
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Source: Nova.rs, Photo: Attila Volgyi / Xinhua