Hungary’s MOL to Acquire Stake in Gazprom Neft Unit in Serbia

Hungary’s leading oil refiner MOL Nyrt is moving forward with plans to acquire a stake in Naftna Industrija Srbije (NIS), the Serbian energy company majority-owned by Russia’s Gazprom Neft, after the seller approved the offer, a senior MOL executive said.

“The seller has accepted the offer,” György Bacsa, MOL’s Chief Strategy Officer, said in a podcast published on Saturday, adding that negotiations are now focused on finalizing the terms of the transaction. Financial details of the deal, including the purchase price, were not disclosed.

Bacsa said MOL aims to sign the acquisition agreement by the end of March, pending regulatory consultations and formal approvals. The transaction will require clearance from the U.S. Treasury’s Office of Foreign Assets Control (OFAC), as well as approval from the Serbian government.

The deal would mark a significant shift in ownership for NIS, which operates Serbia’s only oil refinery and a nationwide fuel retail network, and has long been viewed as a strategic asset in the country’s energy sector.

As part of the transaction structure, MOL plans to bring in Abu Dhabi National Oil Company (ADNOC) as a strategic partner through a joint venture arrangement. Under the proposed structure, MOL would retain a controlling stake, while ADNOC would hold a minority interest, Bacsa said.

The involvement of ADNOC underscores growing Middle Eastern interest in European downstream energy assets, particularly in markets seeking to rebalance away from Russian ownership amid geopolitical and sanctions-related pressures.

The potential acquisition comes as regional energy companies navigate tighter regulatory scrutiny and shifting ownership structures linked to Russia-related assets. Serbia, which maintains close energy ties with Russia, has been under increasing pressure to diversify its energy partnerships.