In a significant move for the European energy sector, Hungary's MOL Group has announced a preliminary agreement to purchase the majority stake in Serbia's primary oil company, which is currently owned by Russia and under United States sanctions.
Details of the Proposed Acquisition
On Monday, 19 January 2026, MOL Group confirmed it had signed a non-binding Heads of Agreement with Russia's Gazprom Neft. The deal would see the Hungarian energy giant acquire a 56.15% stake in Naftna Industrija Srbije (NIS), Serbia's main oil supplier and operator of its sole oil refinery.
The statement from MOL clarified that the finalisation of any binding sales and purchase agreement is strictly contingent on receiving approval from the U.S. Office of Foreign Assets Control (OFAC). The parties are aiming to sign the definitive agreement by 31 March. NIS itself holds an OFAC license to negotiate the sale until 24 March.
Strategic Implications and Regional Impact
MOL Group's Chairman and CEO, Zsolt Hernadi, stated the acquisition would bolster the company's role as a reliable regional energy provider and strengthen its presence in Central and Southeastern Europe. He also revealed that parallel discussions are underway with the United Arab Emirates' national oil company, ADNOC, which may join the deal as a minority shareholder.
For Serbia, the transaction carries political and economic weight. Serbia's Energy Minister, Dubravka Djedovic Handanovic, noted that the expected agreement would increase the Serbian state's share in NIS by 5%, from its current holding of 29.87%.
Navigating Geopolitical Sensitivities
The deal exists within a complex geopolitical landscape. Washington imposed sanctions on NIS last year as part of broader measures targeting Russia's energy sector, with these sanctions taking full effect in October. Serbia, while formally seeking European Union membership, has maintained strong ties with Moscow and has not aligned itself with Western sanctions against Russia following the invasion of Ukraine.
The original sale of the majority stake in NIS to Russia took place back in 2008. This potential acquisition by MOL represents a major shift in the ownership and control of a critical regional energy asset, pending crucial US regulatory consent.
