en.Wedoany.com Reported - The Serbian government has signed a shareholder agreement with Hungary's MOL Group concerning the management of the Serbian oil company Naftna Industrija Srbije (NIS). The agreement will take effect after MOL completes its acquisition of NIS from its current Russian owners.
This shareholder agreement stipulates the future management approach, governance structure, decision-making processes, and strategic objectives of NIS. The agreement was signed by Serbia's Minister of Mining and Energy, Dubravka Đedović Handanović, and the MOL Group. The Serbian Ministry of Mining and Energy stated that the agreement, previously approved by the Serbian government, aims to ensure the continuity of NIS's development, guarantee stable supply to the Serbian market, and maintain the operation of the Pančevo refinery after MOL Group becomes the majority shareholder.
In addition to signing the acquisition agreement, the transaction still requires further regulatory approvals. The MOL Group continues negotiations with Russia's Gazprom Neft regarding the purchase of its 56.15% stake in NIS. Đedović Handanović stated, "The agreement will only take effect after the MOL Group and Gazprom Neft reach a consensus on the sale and purchase contract, and after obtaining approval from the U.S. Office of Foreign Assets Control (OFAC)."
According to her, under the agreement, Serbia will purchase an additional 5% stake in NIS, while the Pančevo refinery will operate at the same capacity as in the four years prior to the implementation of U.S. sanctions for at least ten years. The agreement also ensures uninterrupted operations for subsidiaries, including Petrohemija, and grants the Serbian government's representatives greater influence over decision-making on the board.
Đedović Handanović emphasized that NIS is a key energy infrastructure asset affecting Serbia's gross domestic product. The state has reached an agreement with Hungary's MOL Group, a potential buyer of NIS, which will protect the country's market and supply security should a sales agreement be finalized. The ministry stated that the agreement enables the future majority shareholder to assume responsibility for the professional management, stable operation, and value-creating investments of NIS.
The statement noted that upon successful completion of the transaction, the MOL Group will ensure supply to the Serbian market and the operation of the Pančevo refinery, while further strengthening the pipeline and logistics connections of MOL Group's energy facilities.
Zsolt Hernádi, Chairman and CEO of MOL Group, stated that the agreement on NIS management is the result of constructive negotiations with the Serbian government. Upon successful completion of the transaction, MOL, as the majority shareholder, will be able to manage NIS efficiently and professionally, allowing both parties to begin cooperation based on clear responsibilities and decision-making processes, ending a period of prolonged uncertainty. Hernádi stated that MOL will do everything to make NIS stronger and more profitable, and for Serbia to view it as a reliable partner. However, he cautioned that the agreement does not signify the end of the acquisition process, as an agreement with the seller and U.S. approval are still required. He expressed optimism that the transaction will further enhance supply security across the entire region and achieve a higher level of cooperation among energy companies in Central and Eastern Europe.
The Serbian Ministry of Mining and Energy noted that the agreement between MOL Group and Gazprom Neft for the acquisition of a 56.15% stake in NIS is still being finalized, and MOL has taken the necessary steps to extend its OFAC license used for negotiations.
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