MOL confirms: A framework agreement has been signed to acquire majority ownership in NIS

Upon completion of the transaction, MOL will assume significant shareholder responsibilities and management rights in the company that operates Serbia’s only refinery, further strengthening its presence in the energy market of Central and Southeastern Europe. In addition to the Pančevo oil refinery, NIS also owns a retail network and a portfolio in exploration and production, the statement said.

The transaction, which will be carried out after the fulfillment of conditions set out in the framework agreement, including obtaining the necessary regulatory approvals, may ensure the long-term and stable operation of the Pančevo Refinery and its related business units, as well as uninterrupted supply to regional energy markets.

“As a reliable regional energy supplier, we aim to contribute to the development of Central and Southeastern Europe. We have had excellent professional cooperation with our partners in Serbia for many years. MOL is committed to working together with the Government of the Republic of Serbia to further strengthen supply security in Serbia and the region. Energy sovereignty for landlocked countries requires cooperation between strong local refineries that operate predictably and successfully, as well as the involvement of strong partners. Therefore, MOL Group is in negotiations with ADNOC, the national oil company of the United Arab Emirates, regarding its entry as a minority shareholder in NIS, while MOL retains majority ownership and management rights. We are ready for this task and will continue discussions with our partners,” said Zsolt Hernádi, Chairman and CEO of MOL Group.

To finalize the transaction, among other things, approval from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, as well as other national and regulatory authorities in Serbia, is required. The framework agreement defines the key terms of the purchase agreement, including the timeline for conducting due diligence on NIS and submitting requests for regulatory approvals. The parties plan to sign the purchase agreement by March 31, 2026.

Pančevo Refinery

The Pančevo Refinery has a history spanning more than half a century. The facility began operations in 1968 and has since played a key role in supplying Serbia with energy. Over the past fifteen years, the refinery has undergone comprehensive modernization in several phases. With a processing capacity of nearly 4.8 million tons per year, it primarily produces Euro 5 diesel and gasoline, in compliance with European Union standards, as well as liquefied petroleum gas, petrochemical products, fuel oil, bitumen, and other petroleum derivatives.

In addition to the refinery’s technological level and product range, NIS’s wholesale, logistics, and retail network fits into MOL Group’s regional portfolio. The company operates nearly 400 service stations in Serbia, Romania, and Bosnia and Herzegovina, which may further strengthen MOL’s consumer-oriented strategy through this transaction.

NIS also has a significant exploration and production portfolio, with approximately 173 million barrels of oil equivalent (2P reserves), and daily oil and gas production in Serbia exceeding 20,000 barrels of oil equivalent per day. It also holds exploration licenses in Romania and Bosnia and Herzegovina.

About MOL Group

MOL Group is an integrated international oil and gas, petrochemical, and retail company headquartered in Budapest, Hungary. It operates in over 30 countries with a dynamic international workforce of 25,000 employees and over 100 years of industry experience. Within its integrated supply chain, MOL Group operates three refineries and two petrochemical plants in Hungary, Slovakia, and Croatia. MOL also owns a network of nearly 2,400 service stations across 10 countries in Central and Southeastern Europe. MOL’s exploration and production activities are supported by over 85 years of hydrocarbon experience and 30 years in CO₂ injection. Production activities currently exist in eight countries, and exploration activities in nine countries.

MOL is committed to transforming its traditional fossil fuel-based operations into a low-carbon, sustainable business model and aims to become carbon-neutral by 2050, while contributing to the establishment of a low-carbon circular economy in Central and Eastern Europe.