Hungarian firm signs deal for future control of Serbia’s sanctioned oil company

Hungary’s MOL Group and the Serbian government have signed an agreement laying the groundwork for MOL to take control of Serbia’s main oil company, NIS.

MOL is negotiating to buy Gazprom Neft’s 56% stake in NIS, which is under US sanctions because of its Russian ownership.

NIS operates Serbia’s only oil refinery and is a key part of the country's energy sector.

Serbia says the agreement would give it greater influence over company decisions while helping secure fuel supplies.

Any takeover still requires a deal with Gazprom Neft and approval from US authorities.

(Source: RFE)