Gazprom Neft has tentatively agreed to sell its majority stake in Serbia’s leading oil firm, Naftna Industrija Srbije (NIS), to Hungarian oil and gas company MOL. This decision is a direct response to U.S. sanctions on NIS due to its Russian ownership, enforced since October 2025. These sanctions have disrupted operations, underscoring regional geopolitical tensions over energy resources.
Serbia’s Energy Minister Dubravka Đedović Handanović announced the deal, stating it follows a request from the U.S. The agreement still requires approval from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). OFAC had previously extended NIS’s operational license until January 23, 2026, enabling NIS to resume operations at the Pančevo Refinery after sanctions led to crude oil shortages.
Hungarian Foreign Minister Peter Szijjarto confirmed Hungary’s backing for MOL’s pursuit of a controlling interest in NIS. This acquisition is vital for MOL, which has operated in Serbia since 2005 and owns 72 gas stations across the country.
MOL, valued at nearly $8 billion and active in over 30 countries, stands poised to reshape Serbia’s energy landscape with this purchase. Plans concerning the Pančevo Refinery hinge on Croatian pipeline operator JANAF, authorized to deliver oil to NIS until January 2026.
While the Serbian government retains a 29.9% stake in NIS, it views the talks as a chance to enhance its influence within the company. Minister Đedović Handanović stated Serbia aims to bolster its ownership by 5% for greater control and protection of national interests.
The negotiations are expected to wrap up by March 24 as regional stakeholders keep a close watch on developments. This transaction signifies more than just business; it marks a geopolitical reconfiguration amid shifting energy dynamics in the Balkans. OFAC’s role highlights broader international effects amid persistent Russia-West frictions.
MOL’s strategy centers on regional expansion with significant operations in Romania, Montenegro, Bosnia and Herzegovina, Slovenia, and Croatia. Its reach extends beyond Europe into Egypt, Iraq, Kazakhstan, Azerbaijan, and Pakistan. With three refineries and roughly 2,400 gas stations under its belt, MOL is well-positioned for strategic growth through this acquisition.
