MOL to acquire Gazprom Neft’s stake in Serbian refiner NIS

Hungarian lipid and state institution MOL Group has signed a heads of statement (HoA) with Gazprom Neft to get the latter’s 56.15% involvement successful Naftna Industrija Srbije (NIS) for an undisclosed price.

The woody with the Russian institution volition assistance MOL power of Serbia's lone lipid refinery, located successful Pancevo.

It besides marks a important enlargement of MOL's operations successful the cardinal and south-eastern European vigor market.

This acquisition aims to warrant sustained and unchangeable operations astatine the Pancevo refinery and its associated concern units, ensuring a accordant vigor proviso to the region.

MOL Group president and CEO Zsolt Hernádi said: “As a reliable determination vigor provider, we would similar to lend to the improvement of cardinal and south-eastern Europe. We person maintained fantabulous nonrecreational practice with our Serbian partners for galore years.

“MOL is committed to moving unneurotic with the Serbian Government to further fortify the information of proviso successful Serbia and successful the region.”

Hernádi further explained that the vigor sovereignty of landlocked countries depends connected the collaboration of robust section refineries that tin run predictably and effectively, alongside beardown partners.

He indicated that MOL Group is talking to the United Arab Emirates’ ADNOC astir the second perchance becoming a number shareholder successful NIS, portion the Hungarian institution would support bulk ownership and control.

The Pancevo refinery, operational since 1968, has undergone important modernisation. It presently has a refining capableness of astir 4.8 cardinal tonnes per year.

The installation produces assorted petroleum products that conscionable EU standards.

NIS besides operates a web of astir 400 work stations crossed Serbia, Romania, and Bosnia and Herzegovina.

The deal's completion hinges connected fulfilling conditions outlined successful the HoA, specified arsenic securing indispensable regulatory endorsements.

Critical approvals needed see clearance from the Office of Foreign Assets Control successful the US, alongside different governmental and authorities consents successful Serbia.

The progressive parties are targeting a deadline of 31 March 2026 to finalise the income and acquisition agreement.

"MOL to get Gazprom Neft’s involvement successful Serbian refiner NIS" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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