MOL and Serbian government sign shareholders' agreement on NIS governance
- MOL and the Serbian government signed a Shareholders’ Agreement defining NIS governance, board structure and strategic objectives.
- MOL is negotiating the purchase of Gazprom Neft’s 56.15% stake in NIS; the sales and purchase agreement is not yet finalised.
- The agreement commits to operate the Pancevo refinery at the capacity it held four years before US sanctions for at least 10 years and to secure supply to the Serbian market.
- Closing is conditional on a purchase agreement with Gazprom Neft and OFAC approval; Serbia will acquire an additional 5% of NIS shares and MOL has sought an extension of an OFAC negotiation licence.
Deal outline
MOL Group has signed a Shareholders’ Agreement with the Serbian government that sets the future governance, decision‑making processes and strategic objectives of Naftna Industrija Srbije (NIS). The agreement is intended to enable MOL, as majority shareholder if the acquisition completes, to take responsibility for professional management, stable operations and value‑creating investments at NIS.
Operational commitments
Under the agreement MOL would ensure supply of the Serbian market and the operation of the Pancevo refinery. The Serbian government obtained a commitment that the refinery will operate for at least the next 10 years at the capacity it had during the four years prior to the introduction of US sanctions. The agreement also aims to prevent disruption in subsidiaries, including Petrohemija, and to strengthen MOL’s network and logistics connections.
Conditions and next steps
The sale remains unfinished: MOL continues negotiations with Gazprom Neft over the acquisition of its 56.15% stake in NIS and the sales and purchase agreement is still being finalised. A key closing condition is approval by the US Office of Foreign Assets Control (OFAC); MOL has applied for an extension of OFAC’s negotiation licence. The agreement will enter into force only if MOL and Gazprom Neft reach a purchase agreement and OFAC approval is obtained. The Serbian government will also purchase an additional 5% of NIS shares under the arrangement.
Stakeholder remarks
MOL’s chairman highlighted that the governance agreement ends a period of uncertainty and would allow MOL to manage NIS professionally while strengthening regional supply security. Serbia’s minister of mining and energy said the deal defines future relations between the state and MOL and would protect market and supply security if the purchase from Gazprom Neft is finalised and approved.
Source: MOL Group
