The Hungarian energy company MOL is poised to secure a majority stake in the Serbian oil firm NIS, with the transaction valued between €900 million and €1 billion. This acquisition has gained momentum following the recent temporary extension of special operating permissions by US authorities for NIS, which remains under sanctions due to its ties to Russian ownership.
Serbian President Aleksandar Vucic has clarified that estimates suggesting the deal could escalate to €2.5 billion are unfounded, asserting that the 56% stake in NIS is more accurately valued around €1 billion. This valuation aligns with the current market dynamics and reflects a realistic outlook on the sale.
In a significant development, MOL and Russian GazpromNeft have reached an agreement on the fundamental terms of a binding framework for the sale of a 56.15% stake in NIS. The parties aim to finalize the purchase agreement by the end of March. Vucic also indicated that Serbia had previously contemplated investing over €2 billion to acquire this Russian-held stake; however, this proposal was ultimately declined by Moscow, citing national interests.
Amid these negotiations, NIS has taken steps to maintain operational stability. Following the submission of a preliminary sale agreement to US authorities, NIS sought an extension of its operating license, which was nearing expiration. The US Treasury’s Office of Foreign Assets Control (OFAC) has granted a new permit valid until February 20, stipulating conditions that prohibit involvement from US entities or any other sanctioned parties aside from NIS itself.
Additionally, regional oil supply lines have resumed operations after receiving necessary regulatory approvals. Croatia’s pipeline operator JANAF has been authorized to continue transporting crude oil to Serbia’s Pančevo refinery until February 20. This resumption follows a halt in deliveries after NIS faced sanctions last October but marks a critical return of supply that addresses much of Serbia’s oil requirements.
