Hungarian energy company Mol secretly plans to take over sanctioned Serbian oil giant

According to local media reports, Hungarian oil firm Mol Nyrt. is in talks to acquire an 11.3% stake in Serbia’s NIS oil company, currently under U.S. sanctions. The transaction, while not a controlling interest, could change NIS ownership structure and potentially ease the sanctions pressure expected to be reassessed by 25 November.

If Mol completes the purchase, the majority ownership of NIS would change to non-Russian investors, combining the Serbian state’s 29.87% holding, minority shareholders’ 13.9%, and Mol’s 11.3% for a total of 55.07%. This would reduce Gazprom Neft, the sanctioned majority shareholder, to 44.93%. Gazprom Neft is Gazprom’s oil division, smaller than Russia’s largest oil companies but significant in size, according to Telex.

Is Mol only interested in a controlling stake?

Experts caution this deal may primarily serve as a workaround to U.S. sanctions rather than a strategic acquisition. Erste oil analyst Tamás Pletser described the 11.3% stake as a “hypocritical solution” without real business sense, noting that Mol would likely be interested only in a controlling stake. He also warned of American scepticism towards such arrangements, with the potential for further sanctions if the U.S. perceives attempts to circumvent restrictions.

Serbian media Nin.rs report that a Russian delegation is expected in Budapest on 15 November to discuss the matter, while Belgrade is also engaged in parallel talks with the United Arab Emirates. The NIS refinery in Pančevo still operates on strategic oil reserves but faces pressure due to U.S. sanctions that prohibit business with NIS and restrict payment methods like Visa and Mastercard.