Published by Global Banking & Finance Review®
Posted on January 15, 2026
2 min readLast updated: January 19, 2026
Add as preferred source on GoogleMOL is nearing a deal to acquire a majority stake in Serbia's NIS, with talks involving Gazprom Neft and influenced by U.S. sanctions.
By Krisztina Than and Daria Sito-Sucic
BELGRADE/BUDAPEST, Jan 15 (Reuters) - Hungarian oil group MOL is expected to sign the first key deal during its talks to buy a majority stake in Serbia's Russian-owned NIS oil company in the coming days, Hungarian Foreign Minister Peter Szijjarto said on Thursday.
Speaking in Belgrade after talks with Serbia's energy minister, Szijjarto told a briefing that once the first agreement between MOL and Gazprom Neft is signed, the documents would be submitted to the United States for approval.
That submission is a crucial step as the parties race to meet a late March deadline set by the U.S. after it imposed sanctions on NIS in October, as part of broader measures targeting Russia's energy sector over Moscow's war in Ukraine.
NIS had until late March to negotiate the divestment of stakes held by Russia's Gazprom and its oil unit, Gazprom Neft.
Szijjarto said Budapest supported MOL's talks to buy the stake in NIS, and Serbia's sole Pancevo refinery would be of "strategic importance" for MOL and wouldn't be shut down.
NIS STAKE WOULD BOOST REGION'S ENERGY SECURITY
"In the coming days, there is good chance for the first milestone to happen: the first important agreement between MOL and Gazprom Neft could be signed as part of their talks," Szijjarto said, adding MOL's acquisition of a majority stake in NIS would increase Central Europe's energy security.
MOL declined comment on Thursday on details of the potential acquisition of NIS.
Gazprom and Gazprom Neft own 11.3% and 44.9% of NIS each. The Serbian government has a 29.9% stake.
"The goal is to complete these talks by the end of this week and to sign a binding agreement for the transfer of ownership of all shares from the Russian owners to the new owners," Serbian Energy Minister Dubravka Djedovic Handanovic said.
Erste's regional energy analyst Tamas Pletser said there were questions over the deal, and what the U.S. would accept.
"It will still be a bumpy road to a deal being sealed," he said.
(Reporting by Krisztina Than and Anita KomuvesEditing by Bernadette Baum)
An acquisition is a corporate action where one company purchases most or all of another company's shares to gain control. This often leads to consolidation and can enhance market presence.
Energy security refers to the uninterrupted availability of energy sources at an affordable price. It is crucial for economic stability and national security.
A refinery is an industrial facility where crude oil is processed and transformed into useful products like gasoline, diesel, and other petrochemicals.
Market reaction refers to the response of investors to news or events that affect the financial markets, which can lead to changes in stock prices and trading volumes.
Explore more articles in the Finance category
