MOL has signed a binding agreement on the terms for the acquisition of a majority stake in the Serbian company NIS

The transaction will be completed once the conditions set out in the acquisition agreement have been met, including obtaining the necessary regulatory approvals. Its completion will ensure the long-term and stable operation of the refinery in Pančevo, as well as the associated business activities and uninterrupted energy supplies to the region.

“As a reliable energy supplier, we want to contribute to the development of Central and South-Eastern Europe. We have maintained high-quality professional cooperation with our Serbian partners for many years. MOL Group is ready to work closely with the Serbian government to strengthen the security of energy supplies in Serbia and across the region. The energy sovereignty of landlocked countries requires cooperation between strong local refineries that operate predictably and successfully, as well as the involvement of reliable strategic partners. MOL Group is therefore in talks with ADNOC, the national oil company of the United Arab Emirates, about its entry into the ownership structure of NIS as a minority shareholder, while MOL Group will retain majority ownership and management control. We are ready for this challenge and  will continue negotiations with our partners,” said Zsolt Hernádi, Chairman and CEO of MOL Group.

Completion of the transaction is also subject to approval by the Office of Foreign Assets Control of the United States Department of the Treasury (OFAC), as well as other government and state authorities in Serbia. The acquisition agreement sets out the key terms of the purchase agreement, including the timetable for thorough due diligence on NIS and the process of obtaining regulatory approvals. The parties plan to sign the purchase agreement no later than 31 March 2026.

The refinery in Pančevo has a history spanning more than fifty years. It began operating in 1968 and has since played a key role in Serbia's energy supply. Over the past fifteen years, it has undergone comprehensive modernisation carried out in several stages. With a crude oil processing capacity of nearly 4.8 million tonnes per year, it primarily produces Euro 5-quality diesel and petrol in accordance with EU standards, liquefied natural gas, petrochemical products, heating oils, bitumen and other petroleum products.

In addition to the refinery's technological standard and broad product portfolio, NIS's wholesale, logistics and retail network also fits into MOL Group's portfolio. The company operates nearly 400 filling stations in Serbia, Romania and Bosnia and Herzegovina, meaning that the transaction will help strengthen MOL Group's customer-oriented strategy.

NIS also has a significant portfolio of oil exploration and production assets. The company reports approximately 173 million barrels of oil equivalent in proven and probable (2P) reserves, with daily oil and gas production in Serbia exceeding 20,000 barrels of oil equivalent. It also holds exploration licences in Romania and Bosnia and Herzegovina.