Russian energy giant Gazprom Neft has reached a preliminary agreement to sell its controlling interest in Serbian oil refiner NIS to Hungary's MOL, according to Serbia's Energy Minister Dubravka Djedovic Handanovic. The deal, which is contingent on approval from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), which imposed sanctions on NIS due to its Russian ownership, is expected to be finalized by March 24. NIS, a major player in the Serbian fuel market, supplying around 80% of the country's gasoline and diesel, is set to be acquired by MOL, with potential involvement from UAE partners. This move comes as a reprieve for NIS, which had been granted a temporary suspension of sanctions until January 23. Gazprom Neft, a subsidiary of Gazprom, currently holds a 44.9% majority stake in NIS, while the Serbian government owns 29.9%. The remaining shares are distributed among small shareholders and employees. The agreement also includes MOL's commitment to maintain and potentially increase output at NIS's Pancevo refinery, a crucial facility for Serbia's energy sector.
