MOL's acquisition of NIS is a once-in-a-lifetime opportunity
The deadline for the change of ownership of "Naftna industrija Srbije" (NIS) is today, as the American OFAC has extended its license for this major transaction until March 24. It remains to be seen if OFAC will extend this license further to allow more time for negotiations regarding NIS acquisition. Hungarian MOL, seen as the new owner of NIS, has already indicated that a sales contract for the acquisition of the Russian ownership stake could be signed by March 31, which requires, among other things, the approval of the American OFAC and Serbian state and regulatory bodies. Additionally, MOL is in negotiations with the national oil company of the United Arab Emirates, ADNOC, which could potentially become a minority partner in NIS. The "MOL Group" announced on January 19 that it had agreed with "Gazpromneft" on the main terms of a binding framework agreement, according to which it would purchase a 56.15 percent stake in NIS, the Hungarian portal notes.
