EditHungary’s MOL secures majority stake in Serbia’s NIS for up to 1bn amid Russian divestment pressure
The deal requires approval from the U.S. Office of Foreign Assets Control (OFAC), which imposed sanctions on NIS last October
Hungarian oil and gas giant MOL has struck a deal to acquire a controlling stake in Serbia’s Naftna Industrija Srbije (NIS) from its Russian shareholders, in a transaction valued between 900 million and 1 billion euros, according to Serbian President Aleksandar Vučić. The move comes as U.S. sanctions force Gazprom and its subsidiary to divest, reshaping the energy landscape in the Balkans.
The binding agreement, signed on 19 January, involves MOL purchasing a 56.16% stake held by Russia’s Gazprom Neft (44.9%) and Gazprom (11.3%). Vucic revealed the details in a public statement, emphasizing that Serbia had been prepared to offer double the amount to the Russian entities but ultimately stepped back to safeguard national interests amid geopolitical tensions.
The deal requires approval from the U.S. Office of Foreign Assets Control (OFAC), which imposed sanctions on NIS in October 2025 over Russia’s ongoing war in Ukraine. These measures set a 24 March deadline for the Russian owners to exit, while granting NIS a temporary reprieve until 20 February to continue importing crude oil.
NIS, Serbia’s dominant energy player, supplies about 80% of the country’s fuel needs and operates petrol stations across Bosnia, Bulgaria, and Romania. The company also runs the nation’s sole refinery in Pančevo, which faced shutdown risks after sanctions disrupted oil supplies via Croatia’s Janaf pipeline, potentially triggering winter fuel shortages.
Currently, the Serbian government holds a 29.9% stake, with the remaining shares owned by small investors and employees. Brokers anticipate that an additional 5% stake could be acquired by the Serbian state at a cost of around 90 to 100 million euros, further consolidating local control.
The transaction’s pricing has sparked debate among financial experts, who argue it undervalues NIS. Nenad Gujaničić, chief broker at Momentum Securities, described the deal as below market expectations, implying a full company valuation of nearly 2 billion euros – on the lower end of estimates ranging from 2 to 3 billion euros.
“The price MOL paid is below market expectations,” Gujaničić said, highlighting how the forced sale under sanctions created a buyer’s market.
Branislav Jorgić echoed this sentiment, pointing to NIS’s book value of 2.9 billion euros, bolstered by investments in its refinery, heating plants, and retail network. He estimated the Russian stake’s fair value at 1.5 to 1.6 billion euros, noting that recent losses from sanctions depressed the price, making it advantageous for MOL but disadvantageous for the sellers.
For MOL, the acquisition represents a strategic expansion in Central and Eastern Europe, where it already holds significant assets. The Hungarian firm, controlled by the government-linked MOL Hungarian Oil and Gas Public Limited Company, has been eyeing regional opportunities amid Europe’s push for energy diversification away from Russian sources. Analysts suggest the deal aligns with broader EU efforts to reduce dependency on Moscow, especially as NIS’s operations span multiple countries and include upstream exploration and downstream refining.
From Serbia’s perspective, the shift could stabilize energy supplies but raises questions about foreign influence. Jorgić lamented that it was a “pity” the Serbian state did not purchase the full stake, though the potential addition of 5% at a discounted rate offers some consolation.
Vučić has framed the transaction as a pragmatic response to external pressures, ensuring continuity for NIS amid sanctions that limited buyer options to those cleared by OFAC.
MOL has not yet commented publicly, but the acquisition positions it as a key player in Balkan energy security.
Sources: Beta, Reuters
Caption: The entrance of Hungarian oil giant MOL’s refinery in Szazhalombatta, Hungary, 21 October 2025. EPA/Robert Hegedus
Updated: January 28, 2026 - 07:07
