Mol to Buy Gazprom Stake in Sanctioned Refinery, Serbia Says

Mol Nyrt. and Gazprom Neft PJSC have agreed on the terms of a deal which will see the Hungarian company gain control of Serbia’s only oil refinery, paving the way for the lifting of US sanctions on the plant’s operator.

Mol will buy Gazprom’s combined 56.2% interest in Naftna Industrija Srbije, which came under US sanctions in October due to its Russian majority ownership, the Budapest-based firm said in a statement on Monday. The deal, subject to the approval of the US Office of Foreign Assets Control and the Serbian government, may be completed by March 31, Mol said, without disclosing the purchase price.