Mol Nyrt, Hungary's largest energy company, said it submitted a letter of intent to buy a 25% stake in Serbia's refiner NIS to expand in the Balkans.
”Serbia is a strategically import market for Mol,” Mol spokesman Denis Mohorovic told Bloomberg. Potential bidders for the NIS stake must submit a letter of intent to Serbia's asset-sales agency by today, the agency said earlier this month. The call for offers and conditions of bidding are expected to be published next week, Rados Ilincic, the head of the Serbian office of Raiffeisen Investment AG, which is advising the government on the transaction, said October 9.
European oil companies are looking to the Balkans, where economies and fuel use are growing faster than in the west. Austria's OMV AG bought SNP Petrom SA, Romania's largest oil producer, last year and Mol recently won the bidding for a Bosnian fuel trader, Energopetrol. Croatia has begun preparing to sell its oil monopoly, Ina Industrija Nafte d.d.