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The claims published in the media that MOL had bought part of the Serbian oil company (NIS) for between €1.7 and €2.5 billion were absurd, Serbian President Aleksandar Vučić told Blic TV, Nezavisne reports.
The politician revealed that MOL had paid between €900 million and €1 billion for 56% of NIS shares. According to Aleksandar Vučić, Serbia would have paid twice as much, but the Russians had opted for MOL.
We were prepared to pay two billion euros or even more,”
he said, adding that he knew why Serbia had not been offered a stake in NIS, but did not want to make this public in order not to jeopardize the interests of the state. “I can easily explain it to myself, but I cannot explain it to you because it would jeopardize Serbia’s interests. For me, these reasons are clear, unambiguous, and understandable. Whether they are acceptable or not is another question. But somehow, they cannot be described as particularly friendly,” the Serbian head of state admitted.
Aleksandar Vučić talks to Viktor Orbán at the World Economic Forum in Davos. Photo: MTI/Miniszterelnöki Kommunikációs Főosztály/Fischer Zoltán
This amount is significantly lower than the amount mentioned in the news reports. Branislav Jorgić, an expert quoted in the Serbian press, said it would be foolish to assume a market value of around one billion euros. In his opinion, it would be more appropriate to take into account the book value in NIS’s balance sheet, which amounted to 3.2 billion euros on December 31, 2024.
Branislav Jorgić admitted that this value may have fallen slightly due to the losses recorded last year as a result of sanctions, but in his opinion probably not by a significant amount.
However, assessing the situation is complicated by the fact that there have been virtually no transactions in the region recently that are comparable to the potential MOL-NIS deal, as MOL acquired the Croatian oil company INA more than ten years ago.
Therefore, in the Serbian broker’s view, only the book value can provide a reference point, which at 56% (Gazprom and Gazprom Neft’s share) amounts to approximately €1.5 billion. He also recalled that this year’s Serbian budget allocated a slightly lower amount, namely €1.4 billion, for the possible repurchase of the Russian shares. Incidentally, the Serbian state already held a 29.9% stake in NIS.
Exactly one week ago, on January 19, Dubravka Đedović Handanović, Serbian Minister of Mining and Energy, announced that
the Russians had sold their 56.15 percent stake in NIS to MOL, part of the ownership went to the United Arab Emirates, but Serbia also increased its stake.
The sale of NIS came about after the U.S. Treasury Department imposed sanctions in October as part of punitive measures against the Russian energy sector. As a result, crude oil production via the Janaf pipeline through Croatia was halted, bringing production at the Pančevo plant—Serbia’s only oil refinery—to a standstill.
“We had expected to receive approval from the United States to continue supplying oil to our refinery in Pančevo. We have not received any positive feedback,” Serbian President Aleksandar Vučić said on December 2, announcing at the same time the closure of the refinery in Pančevo. In the meantime, the situation has changed in that the Americans have granted permission to restart the refinery and the Arabs have also entered the picture. On January 14, Aleksandar Vučić was in Abu Dhabi, where he meaningfully stated that he already knew the decision but could not say who would buy NIS.
CEO of MOL, Zsolt Hernádi. Photo: MTI/Bruzák Noémi
It is important to note that for MOL, this is about much more than just taking control of NIS in order to expand its refinery portfolio and market share.
The Hungarian company is thereby gaining an enormous strategic advantage in the region’s oil market and improving its negotiating position, particularly vis-à-vis the Croatian pipeline operator Janaf, which supplies NIS.
Via Világgazdaság; Featured photo: MTI/Hegedüs Róbert
The post Purchase Price Finalized for MOL’s Acquisition of NIS appeared first on Hungary Today.
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