Business 13 November 2025, 8:26am

Hungarian energy group Mol may acquire asset in Serbia

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The ongoing uncertainty surrounding the Serbian oil company NIS may soon be resolved, as the Hungarian energy group Mol may acquire a stake in the company. This could prompt the United States to lift the sanctions it has imposed on NIS, NIN.rs reported.

The ownership crisis at Naftna Industrija Srbije (NIS) may soon be resolved. According to NIN.rs, based on the latest negotiations,

Mol is the most likely buyer of the 11.3% stake in NIS that was acquired by Intelligence, a Gazprom subsidiary, in September.

Russia is pushing for the deal in the hope that the US OFAC will suspend sanctions on NIS once it becomes clear that they are gradually withdrawing from ownership.

The meeting between the Hungarian and Russian parties is expected to take place on 15 November, with an agreement potentially being reached by 25 November,

NIN reported.

According to the Serbian newspaper, negotiations accelerated significantly after Viktor Orbán's trip to Washintton, with Donald Trump promising Hungary a one-year exemption from sanctions on Russian oil. This also paved the way politically for Mol.

In addition to Mol, the United Arab Emirates is a potential buyer, and the Abu Dhabi sheikh may be considered a future majority shareholder.

If Mol does indeed purchase the 11.3% stake, Serbia (29.87%), minority shareholders (13.9%) and Mol together would acquire a majority (55.07%) over Gazpromneft, whose stake would fall to 44.93%.

The situation for foreign NIS subsidiaries is very challenging. According to NIN, 84 gas stations have closed due to sanctions in Romania, Bulgaria and Bosnia, with accumulated losses amounting to EUR 350-360 million.

The newspaper also reported that the Hungarian acquisition could pave the way for the accelerated construction of a new Hungarian-Serbian oil pipeline, which diplomatic sources say should be completed within a year.