Hungary's major fuel retailer, MOL said on Thursday it has completed negotiations with Serbia's government on the conclusion of a shareholders' agreement for the acquisition of a majority stake in Serbia's Russian-controlled sole refiner NIS, which is under U.S. sanctions.
MOL is negotiating with Russia's Gazprom Neft to buy the 56.15% Russian-owned stake in NIS, which was placed on the U.S. Treasury's sanctions list in January last year due to its majority Russian ownership.
At the same time, the Hungarian energy major was in talks with the government in Belgrade, which owns a 29.87% stake in NIS, on a shareholders' agreement to define the future relations between the two if the transaction with Gazprom Neft is successfully completed.
Late on Wednesday, Serbia's energy minister Dubravka Djedovic Handanovic said in a social media post that Serbia and MOL have agreed that if Gazprom Neft reaches a deal to sell the 56.15% holding in NIS and if the transaction is approved by the U.S. Treasury's Office of Foreign Assets Control (OFAC), Serbia will buy an additional 5% stake in NIS.
Full story MOL concludes talks with Serbia on shareholders' agreement for NIS | Serbia Deals News | SeeNews
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