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Hungarian energy giant MOL emerges as frontrunner to buy Russian stake of Serbian oil company
Hungary’s largest energy company, MOL, is increasingly seen as the most likely buyer of the Russian-owned stake in Serbia’s Oil Industry of Serbia (NIS), according to regional experts.
While no final agreement has been signed, financial analysts believe the deal would serve both economic and geopolitical interests at a time of heightened pressure on Russian assets in Europe.
According to Index, Vladimir Vasić, a Serbian financial adviser, said the chances of MOL acquiring the Russian shareholding in NIS are growing, although he stressed that nothing is certain until a contract is formally concluded.
Expert thinks it would be beneficial
He described the potential transaction as a “very good solution”, adding that it could also meet expectations coming from Washington, where decision-makers are keen to see changes in the ownership structure of companies with significant Russian involvement.
NIS is currently majority-owned by Russia’s Gazprom and Gazprom Neft, a structure that has become increasingly problematic due to international sanctions.
Although the United States granted NIS permission to negotiate the sale of its Russian-owned refinery stake until 24 March 2026, the company still lacks a full operating licence. As a result, it cannot purchase or process crude oil, while crude oil deliveries via Croatia have been halted and production at the Pančevo refinery has been suspended.
MOL is in a good position
Vasić noted that MOL would be a credible buyer, pointing to the Hungarian company’s strong financial position. MOL generates annual revenues of around EUR 23–24 billion, reports profits close to EUR 1 billion, and operates in roughly 30 countries. From a purely business perspective, he argued, the acquisition would make sense.
At the same time, he said the most ideal scenario would be for Serbia itself to buy back the Russian stake. However, several details remain unclear, especially after Washington postponed its final decision on sanctions until March. In his view, the United States ultimately wants a change in ownership, regardless of who the buyer is.
Politics, however, could complicate the process. Vasić warned that the issue cannot be separated from wider geopolitical considerations, particularly given the close relationship between Hungarian Prime Minister Viktor Orbán and Russian President Vladimir Putin. He argued that Belgrade needs to carefully consider its next steps and move quickly to reshape NIS’s ownership structure.
The two leaders already shared their views
Against this backdrop, Orbán and Serbian President Aleksandar Vučić held talks by phone on Saturday. Vučić said the discussion focused on energy security, stabilising supply, and plans to develop regional infrastructure for transporting, storing and receiving energy resources. They also touched on Serbia’s EU accession process, the war in Ukraine, and broader relations between Russia and the European Union.
Vučić praised Hungary as a reliable partner during difficult times, underlining the importance of close Hungarian–Serbian cooperation. It remains unclear whether the possible sale of NIS was discussed directly, but energy security clearly remains high on the agenda as Serbia seeks a way out of its current stalemate.