Gazprom Neft agreed to sell a stake in the Serbian NIS to the Hungarian MOL

Hungarian company MOL Nyrt. reported that its proposal to purchase a stake in the Serbian oil company Naftna Industrija Srbije (NIS) was accepted by Gazprom Neft. This was stated by MOL Strategy Director Gyorgy Bacha in a podcast published on Saturday.

“The seller has accepted the offer,” Bacha said, adding that the parties are now agreeing on the terms of the deal. He did not disclose the purchase price or other financial details.

According to him, MOL expects to sign the contract by the end of March after completing consultations with regulators and obtaining the necessary permits. The transaction must be approved by the US Treasury Department's Office of Foreign Assets Control (OFAC), as well as the Serbian government.

In addition, MOL plans to attract Abu Dhabi National Oil Co. (ADNOC) from the UAE as a strategic partner. We are talking about creating a joint venture in which MOL will retain a controlling stake and ADNOC will receive a minority stake.