Serbia and Hungary's MOL sign shareholder agreement for NIS management

Serbia's government and Hungary's energy company MOL have signed a shareholder agreement that outlines the future management of Naftna Industrija Srbije (NIS), the Serbian national oil company. This pivotal agreement comes on the same day a deadline set by U.S. financial authorities (OFAC) expires for MOL and Gazpromneft to finalize a deal concerning the acquisition of Gazpromneft's 56.1% share in NIS.

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According to this agreement adopted by the Government of Serbia, we will buy an additional five percent of shares in NIS, the refinery will operate for at least the next 10 years at the capacity it operated four years before the introduction of American sanctions.

The transaction is particularly sensitive as the Russian ownership stake in NIS is affected by U.S. sanctions imposed on Russia's energy sector in early 2025. For the deal to be completed, MOL must not only agree on the purchase terms with Gazpromneft but also secure regulatory approvals, including clearance from OFAC.

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As a result of constructive negotiations with the Government of Serbia, we have reached an agreement on the management of the NIS company.

According to Serbia's Ministry of Mining and Energy, the agreement stipulates that if MOL successfully acquires NIS from Gazpromneft, the Hungarian company will become the majority owner. The deal also guarantees that the NIS refinery in Pančevo will operate at its current capacity for a minimum of 10 years. This ensures a stable supply of oil derivatives for Serbia.

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We can start working together with clearly defined responsibilities and decision-making processes and put an end to this long period of uncertainty.

Zsolt Hernádi, President and CEO of MOL Group, expressed satisfaction with the agreement, stating, "As a result of constructive negotiations with the Government of Serbia, we have reached an agreement on the management of the NIS company." He added that MOL, as the future majority shareholder, will manage NIS "effectively and on a professional basis," bringing an end to a prolonged period of uncertainty and aiming to make NIS "stronger and more profitable."

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MOL will do everything to make NIS 'stronger and more profitable'.