Hungarian oil and gas group MOL has signed an agreement to acquire the Russian-owned stake in Serbia’s NIS oil company, Serbian Finance Minister Siniša Mali has announced. The deal still requires regulatory approval, including clearance from US authorities.
The Russian shareholders and MOL have agreed on the sale, while the Serbian state has signed a separate shareholder agreement with the Hungarian company, Mali told Bloomberg Adria television, according to Hungarian news agency MTI.
The minister expects applications for regulatory approval to be submitted shortly to the competition authorities in Serbia and, as far as he knows, Bosnia and Herzegovina. The ownership change could then be completed within a relatively short period.
Serbia to increase its stake in NIS
Under the agreement, the Serbian state would increase its ownership in NIS from around 30% to 35%. Mali said a written agreement had already been reached, as Belgrade wanted its stake to exceed one-third.
However, the minister did not disclose the purchase price or the exact shareholding MOL would acquire.
The announcement is a significant step forward in negotiations that have dragged on for months. In early October, Serbian Forbes reported that talks had effectively collapsed because the Russian owners were unwilling to sell. MOL did not confirm that report at the time, saying the process was ongoing and the transaction would require several regulatory approvals.
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US sanctions make the deal urgent
On 19 January, MOL signed a binding letter of intent with Russian oil company Gazprom Neft to acquire the Russian shareholders’ combined 56.15% stake in NIS.
In June, MOL also reached an agreement with the Serbian government on the company’s future management and the possibility of the state acquiring an additional five percentage points. The agreement also envisages MOL maintaining operations at the Pančevo refinery for at least ten years, at a capacity comparable to its pre-sanctions level.
The transaction is driven in part by US sanctions imposed on NIS in October 2025 because of its Russian majority ownership. The company has since received several temporary exemptions allowing it to continue operating.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) most recently authorised NIS to continue operating, including importing crude oil and refining it, until 30 October. MOL was also given permission to continue negotiations over the purchase until that date.
US approval is therefore another key hurdle before the transaction can be completed.
Why NIS matters to Serbia
NIS is one of Serbia’s most important energy companies and operates the country’s only oil refinery, in Pančevo. It is also involved in crude oil production and fuel retailing.
Gazprom Neft currently holds a 44.9% stake in the company, while its parent company, Gazprom, owns a further 11.3%. The Serbian state holds approximately 29.87%, with the remaining shares owned by minority shareholders.