MOL Group Moves Closer to Possible Majority Ownership of NIS with Shareholders’ Agreement with Serbian State

MOL Group Moves Closer to Possible Majority Ownership of NIS with Shareholders’ Agreement with Serbian State

(IN BRIEF) MOL Group has signed a Shareholders’ Agreement with the Serbian government covering the future governance of Naftna Industrija Srbije, as MOL continues negotiations with Gazprom Neft to acquire its 56.15% stake in the Serbian energy company. The agreement sets out the governance structure, decision-making processes and strategic objectives for NIS if MOL becomes majority owner. MOL said it would ensure the supply of the Serbian market, maintain operations at the Pančevo refinery and strengthen regional energy logistics links. Serbia’s government said the agreement would also allow the state to acquire an additional 5% stake in NIS and ensure the refinery continues operating for at least the next 10 years at recent pre-sanctions capacity levels. The deal is not yet complete, as MOL still needs to finalise the purchase agreement with Gazprom Neft and secure approval from the US Office of Foreign Assets Control. The proposed transaction is positioned as a step toward improving energy security and cooperation across Central and Eastern Europe.

(PRESS RELEASE) BUDAPEST, 17-Jun-2026 — /EuropaWire/ — MOL Group has signed a Shareholders’ Agreement with the Serbian government setting out the future governance framework for Naftna Industrija Srbije, known as NIS, as the Hungarian energy company continues negotiations to acquire Gazprom Neft’s 56.15% stake in the Serbian oil and gas company.

The agreement defines the structure and decision-making processes of NIS’s governing bodies, as well as the company’s strategic objectives, should MOL Group successfully become the majority owner. It is designed to create a clear basis for professional management, stable operations and future value-creating investments in NIS.

If the transaction is completed, MOL Group said it would ensure the continued supply of the Serbian market and the operation of the Pančevo refinery, while also strengthening the network and logistics links between NIS and MOL Group’s broader regional energy assets.

Zsolt Hernádi, Chairman and CEO of MOL Group, said the agreement follows constructive negotiations with the Serbian government and creates a governance framework that would allow MOL, as majority shareholder, to manage NIS efficiently and professionally. He said the agreement would establish clear responsibilities and decision-making processes, helping end a prolonged period of uncertainty around the company’s future.

Hernádi added that MOL looks forward to working with the Serbian government and intends to make NIS stronger and more profitable, while ensuring Serbia sees MOL as a reliable partner. However, he stressed that the agreement does not complete the sale process, as MOL must still reach an agreement with Gazprom Neft and obtain approval from the United States Office of Foreign Assets Control.

He also said the transaction could strengthen energy supply security across the wider region and support closer cooperation among energy companies in Central and Eastern Europe.

Dubravka Đedović Handanović, Serbia’s Minister of Mining and Energy, said the Shareholders’ Agreement defines the future relationship between the Serbian state and MOL if the Hungarian company acquires NIS from Gazprom Neft. She noted that the agreement will enter into force only if MOL and Gazprom Neft reach a purchase agreement and if the transaction is approved by OFAC.

The Minister said the Serbian government has adopted the agreement, under which Serbia would purchase an additional 5% stake in NIS. She added that the Pančevo refinery would continue operating for at least the next 10 years at the capacity level it maintained during the four years before the introduction of US sanctions.

The agreement is also intended to ensure continuity in the operations of NIS subsidiaries, including Petrohemija. Đedović Handanović said Serbia’s representatives on the NIS Board of Directors would have greater influence over company decisions.

She described NIS as critical energy infrastructure with a direct impact on Serbia’s economy and energy security. She said the Serbian state has worked for months to reach an arrangement with MOL as a potential buyer, with the aim of protecting the domestic market and securing supply if MOL reaches an agreement with the Russian seller.

The signing of the Shareholders’ Agreement is an important step in the transaction process, but the deal has not yet been finalised. MOL Group and Gazprom Neft are still working on the sales and purchase agreement for Gazprom Neft’s 56.15% stake in NIS. Closing remains subject to several conditions, including approval from OFAC, the sanctions enforcement agency of the US Department of the Treasury.

MOL said it has taken the necessary steps to obtain an extension of OFAC’s negotiation licence as it continues the process.

Media Contact:

internationalpress@mol.hu

SOURCE: MOL Group