Hungary's MOL continues negotiations over Gazprom's assets in Serbia — Reuters
The Hungarian oil company MOL has announced that negotiations regarding the acquisition of the Russian stake in the Serbian oil company NIS are continuing under the terms of a previously signed framework agreement.
The company noted that the process is proceeding in accordance with the agreed terms and continues without any changes to the agreements.
This was reported by Reuters.
On January 19, MOL signed an agreement to acquire 56% of NIS shares owned by Gazprom Neft and Gazprom, which are subject to U.S. sanctions. The U.S. Office of Foreign Assets Control (OFAC) gave the companies until May 22 to complete the deal.
"OFAC has extended MOL’s license for negotiations until May 22, so negotiations on the deal are continuing in accordance with the previously signed framework agreement.
To finalize the deal, in addition to signing the contract, additional licenses and approvals from OFAC and Serbian government authorities will also be required," MOL said in a response to a Reuters inquiry sent via email.
MOL stated that it complies with all regulatory requirements and conditions, and that the purpose of the acquisition is to strengthen long-term supply security for Serbia and the region.
OFAC imposed sanctions on NIS in October as part of broader measures targeting Russia’s energy sector due to the war in Ukraine, and demanded the sale of Gazprom Neft and Gazprom, which are its Russian majority owners.
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