US EditionHungary's MOL offered up to 1 billion euros for Serbia's NIS oil firm, Vucic says
MOL will hold a controlling 56.15% stake in Serbia's NIS with ADNOC as a minority partner, aiming to boost regional fuel supply security and MOL's market presence.
- Earlier this week, MOL, Hungary's energy giant, signed a binding letter of intent with the Russian sellers, Gazprom and Gazpromneft, to acquire 56.15% of NIS.
- MOL signed a memorandum with Serbia, stating ADNOC joins as minority partner while the Serbian state raises its stake to 34.9%, with support to be formalised in a bilateral agreement, György Bacsa said.
- MOL says it can finance the deal through dividend capacity and bank funding, with analysts estimating the purchase at roughly EUR 1.4 billion and Pančevo processes around 90,000 barrels per day, complemented by nearly 400 fuel stations.
- Regulatory hurdles remain as the deal needs Russian and US approval; the US Office of Foreign Assets Control extended a temporary permit while MOL shares jumped 6.7% on Friday.
- Experts warn that Hungarian consumers are unlikely to see lower fuel prices, though György Bacsa called it a `historic opportunity` while Holoda Attila warned of `war profiteering at the state level`.
29 Articles
29 Articles
Serbia Says Russia Ready To Sell Stake In NIS
Serbia’s president has confirmed that Russia is prepared to sell its controlling stake in the country’s only oil refinery and that Hungary’s MOL has been discussed as a potential buyer, as sanctions pressure continues to squeeze Russian-owned downstream assets in Europe. President Aleksandar Vucic said talks are underway over the future ownership of Naftna Industrija Srbije (NIS), which operates the Pancevo refinery, according to remarks reporte…
Hungary's MOL offered up to 1 billion euros for Serbia's NIS oil firm, Vucic says
Hungary's MOL agreed to pay up to 1 billion euros ($1.19 billion) to buy a majority stake in Serbia's oil firm NIS from its Russian owners, Serbian President Aleksandar Vucic said on Monday.
A week ago, Mol and the Russian company Gazprom Neft signed the main provisions of a binding framework agreement on the purchase of a 56.15% stake in NIS.
Hungarian energy giant Mol will acquire a 56 percent stake in the Serbian Oil Industry (NIS) for a purchase price of between 900 million and one billion euros, Serbian President Aleksandar Vučić said today. The US administration has meanwhile extended a special operating license for NIS, which is under sanctions due to its Russian ownership.
Hungary's MOL to acquire majority stake of Serbia’s NIS from Russia: what this means for the region
Hungary’s energy giant MOL is set to acquire the majority of Serbia’s Naftna Industrija Srbije (NIS), a deal that could reshape regional fuel supply and strengthen Hungary’s influence in the Balkans. Acquisition details and timeline Earlier this week, it was confirmed that MOL will purchase the 56.15% Russian stake in NIS, previously held by Gazprom and its subsidiary Gazpromneft. The agreement also involves the Emirati energy company ADNOC join…
Earlier this week, it was decided that MOL will acquire the 56.15 percent Russian ownership in the Serbian oil company, NIS (Naftna Industrija Srbije). According to the agreement, the Emirates' globally significant energy company, ADNOC, will be able to acquire the Serbian company, but the Serbian state will also increase its current 29.9 percent stake by 5 percent (we wrote more about the sale and its not insignificant geopolitical circumstance…
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