MOL Group signed a binding heads of agreement on 19 January 2026 with Gazprom Neft to acquire its 56.15% stake in NIS, the Serbian oil company that operates the country's only refinery.
Why MOL Group is buying NIS (Naftna Industrija Srbije) - 56.15% stake
MOL said control of NIS would strengthen its position in central and south-eastern European energy markets and support stable operation of the Pančevo refinery and fuel supply to the region. The deal covers NIS's refining, retail network and exploration and production portfolio.
Deal terms and financing
No price was disclosed. The heads of agreement set a timetable for due diligence and regulatory filings, with a sale and purchase agreement targeted by 31 March 2026. MOL said it was negotiating with ADNOC to come in as a minority shareholder while MOL keeps majority control.
Regulatory approvals and timing
The sale requires approval from the US Office of Foreign Assets Control, because NIS is under US sanctions, and from Serbian authorities. The March deadline was missed; on 16 June MOL and the Serbian government signed a shareholder agreement that only takes effect if MOL completes the purchase, and on 30 September OFAC granted MOL a further licence to continue negotiations until 30 October 2026, according to MOL.
Market context
Serbia's government owns about 29.9% of NIS and is not a seller. Under the June shareholder agreement Serbia would gain an additional 5% stake and the Pančevo refinery would run at pre-sanctions capacity for at least ten years.
