Hungarian company MOL announced today that it has successfully concluded negotiations with the Government of Serbia in connection with the conclusion of a shareholder agreement related to the acquisition of a majority stake in Oil Industry of Serbia (NIS).
Negotiations with the seller and competent institutions are still ongoing in order to finalize the transaction, MOL stated.
Minister of Mining and Energy Dubravka Đedović Handanović announced on Wednesday that Serbia has successfully closed all open issues with the MOL company and reached a compromise when it comes to the shareholder agreement ("Shareholder Agreement") between Serbia and MOL.
She stated on her Instagram account that, among other things, it was agreed that, if Gazpromneft makes an agreement with MOL on the sale of 56,15 percent of shares in NIS, and the American OFAK approves that transaction, the state of Serbia will buy an additional five percent of shares in NIS, which will give it additional rights when it comes to making or blocking important decisions for our country.
As far as the work of the Pancevo Refinery is concerned, the Hungarian side has committed that it will continue to work as before, with at least the same average annual capacity as in the last four years before the introduction of American sanctions, when NIS was doing excellent business, stated Dubravka Đedović Handanović.
She pointed out that this kind of work of the Refinery is necessary to satisfy the Serbian oil derivatives market and pointed out that it was one of the key issues for the Serbian side.
According to her, the Serbian members of the NIS Board of Directors will generally have greater powers than before in making, but also blocking potentially unfavorable decisions for Serbia.
She estimated that the state of Serbia has not had such influence since 2008, when NIS was privatized.
Source: FoNet
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