Hungarian portal: MOL may sign deal with Russians to buy NIS on March 31

The Hungarian pro-government news portal Origo writes that negotiations are currently underway between Gazprom Neft and MOL on the purchase of the Russian stake in Naftna industrija Srbije (NIS).

They state that the Russian and Hungarian oil companies plan to sign a purchase agreement on March 31, but that they need approval from the US OFAC and Serbia for this.

They add that MOL is also negotiating with the state-owned oil company of the United Arab Emirates ADNOC on the purchase of a minority stake in NIS.

Origo notes that US Treasury Secretary Scott Bessent announced that he would exempt Russian oil, which is already in the process of being delivered by sea and is on tankers, from sanctions.

According to the Hungarian media outlet, this decision may reduce pressure on the oil market and somewhat slow down the rise in oil prices, which was caused by the crisis in Iran.

Origo points out that the decision of the US Treasury Secretary is also important because the Russian Urals crude oil blend previously arrived at the Pancevo refinery, which was then replaced by oil delivered via the Croatian Janaf.

The Hungarian news portal pointed out at the beginning of the article that OFAC’s decision to extend NIS’s operating license until April 17 was important for a more secure supply of oil to the market, not only in Serbia but also in the entire region.

MOL Serbia d.o.o. Beograd

MOL Hungarian Oil and Gas Budapest

NIS a.d. Novi Sad

NIS a.d. Petrol Rafinerija nafte Pančevo

MOL

NIS

Naftna industrija Srbije

Pančevo Oil Refinery

OFAC

US Treasury Department

Scott Bessent

contract on purchase of NIS