Serbia to Finalize NIS Bid Offer for MOL on Friday

Serbia will present its conclusive proposal to MOL concerning the Hungarian oil firm's bid to acquire NIS, the operator of the nation's sole oil refinery, on Friday. This move follows intense discussions between Serbian energy officials and MOL representatives. Gazprom Neft and its parent company, Gazprom, had previously agreed in January to sell their 56% majority stake in NIS.

The divestment is a result of U.S. demands for the sale of Russian-owned shares, prompted by sanctions related to Russia's conflict in Ukraine. The Serbian government, which holds a 29.9% stake in NIS, requires a majority stake by 5% for the deal to proceed. This process is distinct from MOL's negotiations with the Russian shareholders.

Washington has set a deadline of May 22 for the completion of the sale. MOL requires approval from the U.S. Treasury's Office of Foreign Assets Control (OFAC), in addition to Serbian government consent. MOL's chief strategic officer expressed optimism that progress by the May 22 deadline would allow for additional time to finalize the agreement.