Djedovic Handanovic: MOL to acquire petrochemical plant, too

BELGRADE - A future sales and purchase agreement between Russia's Gazprom neft and the Hungarian oil firm MOL will pertain to Gazprom neft's entire majority stake in the Serbian oil company NIS, including the petrochemical plant, says Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic.

It is only after the US Office of Foreign Assets Control (OFAC) and other regulators approve that agreement that Serbia will be able to buy an additional 5 pct of shares from MOL, and the increased stake in NIS will enable it to block decisions that are not in its interest, Djedovic Handanovic told Politika.

"So, we will earn more and strengthen our position that way - at last, for the first time since 2008, when we willingly gave up on greater influence, which has turned out to be a bad move," she said.

The minister said UAE-based ADNOC also intended to buy shares from MOL and noted that Serbia supported the move as it had excellent relations with the UAE thanks, above all, to President Aleksandar Vucic.

"Let's not forget that ADNOC is an OPEC member and a leading global oil producer with vast experience and a global clout in the oil sector," Djedovic Handanovic said.

NIS is under US sanctions due to its Russian majority ownership.