Hungary's MOL to buy Serbia's Russia-owned NIS oil company if US approves

Hungary’s MOL Group energy company said on Monday they have signed a preliminary agreement to buy a 56.15% stake in Serbia’s Russia-owned main oil supplier that has been sanctioned by the United States. MOL Group said in a statement that a “binding Heads of Agreement with Gazprom Neft” will need the approval of the U.S. Office of Foreign Assets Control before it can be completed. The parties aim to sign the sales and purchase agreement by March 31. Naftna Industrija Srbije, or NIS, controls almost entirely Serbia’s oil market and operates also the Balkan country’s only oil refinery. MOL said the purchase would further strengthen the Hungarian company’s presence in the regional energy market.