Djedovic Handanovic: MOL, Gazprom have agreed NIS deal, Serbia to increase its stake

BELGRADE - The Hungarian oil company MOL and Russia's Gazprom have agreed the fundamental provisions of a future agreement on MOL's purchase of the Russian stake in the Serbian oil firm NIS, which will be submitted to the US Office of Foreign Assets Control (OFAC) for approval, Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Monday, adding that, in negotiations, Serbia had succeeded in increasing its stake in NIS by five percent.

"What is also important is that, in those negotiations, Serbia has succeeded in improving its position compared to 2008, when we were left with a stake of less than 30 pct - in the future, we will increase our stake in NIS by five per cent to reach the number of shares that will enable us to have greater decision-making rights in the shareholders' assembly and, above all, to protect the interests of our citizens," the minister said.

She also said partners from the UAE were also expected to become a part of the deal.

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