Hungary’s MOL Group has taken a major step toward reshaping the energy landscape in central and southeastern Europe by reaching a binding preliminary agreement to acquire a 56.15% controlling stake in Serbian oil company NIS from Russian GazpromNeft. Once all conditions are met, MOL would assume dominant shareholder rights over the company.
If finalized, the acquisition would give MOL operational control of Serbia’s only oil refinery in Pančevo, while also encompassing NIS’ retail fuel network, upstream oil and gas exploration, and production assets, significantly expanding MOL’s regional presence.
The deal still requires several regulatory approvals, including clearance from Serbian authorities and authorization from the US Treasury’s Office of Foreign Assets Control (OFAC). The target date for signing the final sale and purchase agreement is 31 March 2026.
MOL management framed the move as a long-term strategic investment aimed at ensuring stable refinery operations and a reliable fuel supply across the region. The company emphasized that uninterrupted operations at the Pančevo refinery and its associated businesses are crucial for regional energy security, particularly for landlocked countries in southeastern Europe.
As part of its ownership strategy, MOL is also in talks with the United Arab Emirates’ ADNOC regarding a potential minority participation in NIS, while MOL would retain majority ownership and control, bringing in an additional partner to support long-term development.
The Pančevo refinery, operational since 1968, remains a cornerstone of Serbia’s fuel supply system. NIS’ retail and logistics infrastructure, including nearly 400 fuel stations across Serbia, Romania, and Bosnia and Herzegovina, aligns closely with MOL’s existing operations and supports its ambitions to expand retail presence.
On the upstream side, NIS holds around 173 million barrels of oil equivalent in proven and probable reserves, with daily production exceeding 20,000 barrels of oil equivalent in Serbia. The company also controls exploration licenses in Romania and Bosnia and Herzegovina, adding strategic depth to the acquisition.
Investors responded positively, with MOL shares trading on a strong volume of approximately €9.5 million. If completed, the acquisition would strengthen MOL’s position in the regional oil market, establishing the company as a dominant energy player across central and southeastern Europe.