Serbia, Hungary's MOL sign agreement on future management of NIS

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic signed on Tuesday a Shareholders Agreement with Hungary's MOL Group on future management of the Serbian oil company NIS.

The Agreement will take effect in case MOL and Gazprom Neft agree on an acquisition of a Russian-majority stake in NIS by MOL and the deal is then approved by the US Office of Foreign Assets Control (OFAC).

Since October 9, 2025, NIS has been under US sanctions due to its Russian-majority ownership.

Under the Agreement, Serbia will be able to buy an additional 5 pct stake in NIS, while, over a period of at least ten years, a NIS oil refinery in Pancevo will operate on the same scale as it had in the four-year period preceding the US sanctions.

A purchase and sales agreement between MOL Group and Gazprom Neft on an acquisition of a 56.15 pct stake by MOL is still being finalised, sources at the Serbian Ministry of Mining and Energy said.

If the MOL Group succeeds in becoming the majority owner, the Agreement - adopted by the Serbian government - will enable continued development of NIS, supplies to the Serbian market and operations of the Pancevo refinery.

Besides the signing of a purchase and sales agreement, additional regulatory approvals are required to complete the transaction.

"Our representatives in the Board of Directors will have greater influence on decisions that will be made. NIS is critical energy infrastructure that affects our GDP, and the government, as we have been communicating for months, has succeeded in reaching an agreement with Hungary's MOL as a potential buyer of NIS whereby we will protect our market and security of supplies, if they reach an agreement on a sale," Djedovic Handanovic said.