The Hungarian energy company MOL is poised to acquire a majority stake in the Serbian oil firm NIS, with the transaction valued between €900 million and €1 billion. This development has been confirmed by Serbian President Aleksandar Vucic amid ongoing sanctions against NIS due to its Russian ownership structure. The acquisition is particularly notable as it comes with a temporary extension of special operating permissions from US authorities, which are critical for NIS’s operations.
President Vucic has refuted media speculation that the deal could escalate to €2.5 billion, asserting that the actual market value of the 56% stake in NIS aligns more closely with the €1 billion figure. This clarification underscores the complexities surrounding the valuation of assets impacted by geopolitical factors.
In recent negotiations, MOL and Russian GazpromNeft have reached an agreement on the fundamental terms for the sale of a 56.15% stake in NIS, targeting a final purchase agreement by the end of March. Vucic noted that Serbia had previously contemplated investing over €2 billion to secure the Russian stake; however, this proposal was ultimately declined by Russia, citing national interests.
To maintain operational stability during this transition, NIS has proactively sought an extension of its operating license from US authorities, which was nearing expiration. The US Treasury’s Office of Foreign Assets Control (OFAC) has granted a new permit valid until February 20, outlining conditions that prohibit involvement from US entities or any sanctioned parties other than NIS itself.
Additionally, oil supply chains in the region have resumed following necessary regulatory approvals. Croatia’s pipeline operator JANAF has received government support to continue transporting crude oil to Serbia’s Pančevo refinery until February 20. This resumption follows a halt in deliveries after NIS faced sanctions last October, marking a significant restoration of a vital supply route that meets a substantial portion of Serbia’s oil requirements.
