Serbian government, MOL sign NIS corporate governance agreement

The Serbian government and Hungary’s MOL Group said they concluded an agreement on corporate governance in the Serbian Oil Industry (NIS).

A MOL press release said that the group “successfully concluded negotiations with the Serbian government regarding the conclusion of a shareholders’ agreement for the acquisition of a majority stake in NIS”, adding that negotiations were ongoing with Gazprom Neft to buy the majority stake in the oil company.

A government press release said that Mining and Energy Minister Dubravka Djedovic Handanovic signed a Shareholders’ Agreement with the MOL Group which will allow the continued development of NIS, the supplying of the Serbian market and the operation of the country’s sole refinery in Pancevo if the MOL Group buys the majority shares.

The Minister said that the agreement also means that the Serbian government will buy an additional 5% of shares in NIS.