Energy 15 January 2026, 12:59pm

An agreement is close on the purchase of Russian shares in the Serbian oil company NIS between Mol, the owner Gazpromneft, and the Serbian government,

said Péter Szijjártó, Minister of Foreign Affairs and Trade, on Thursday in Belgrade. 

At a joint press conference with the Serbian Energy Minister, Dubravka Dedić, the minister announced that the first milestone in the negotiations for the acquisition of a majority stake in NIS is likely to be reached soon, with

the first significant agreement between MOL and Gazprom Neft expected to be finalised in the coming days.

"Three landlocked countries not particularly rich in oil fields: Slovakia, Hungary and Serbia. The coordinated operation of their oil systems and the integrated operation of their oil refineries in Bratislava, Százhalombatta and Pančevo will create a situation in terms of both energy supply security and energy prices that is better than ever before in the Central European region."

He confirmed that,

as the future owner, Mol considers the Pančevo refinery to be of strategic importance.

This means that all rumours suggesting that the Hungarian company only wants to gain market share and would close the facility are false.

He emphasised that the Hungarian government would provide ongoing diplomatic support to enable Mol, the future majority owner of NIS, to enter the Serbian oil market. Péter Szijjártó then announced that Hungary and Serbia would sign an intergovernmental agreement to lay the foundations for a favourable environment for strategic cooperation in the oil industry, and to confirm the priority importance of the planned crude oil pipeline between the two countries.

It is not just a matter of a new oil pipeline connecting our countries; it is also a matter of a new oil product pipeline connecting Mol's refinery in Százhalombatta and its logistics centre in Novi Sad,

he added.

Cover photo: Portfolio