Hungarian energy group MOL is set to acquire a majority stake in Serbian oil company NIS, with the transaction estimated at €900 million to €1 billion, according to Serbian President Aleksandar Vučić. The deal comes as US authorities temporarily extended special operating permissions for NIS, which remains under sanctions due to its Russian ownership structure.
President Vucic dismissed media claims suggesting the deal could reach €2.5 billion as unrealistic. He emphasized that the 56% stake in NIS falls well below that figure, placing its market value closer to €1 billion.
Last week, MOL and Russian GazpromNeft agreed on the core terms of a binding framework for the sale of a 56.15% stake in NIS, with the aim of finalizing the purchase agreement by the end of March. Vucic noted that Serbia had previously considered allocating more than €2 billion to acquire the Russian stake, but the proposal was rejected by the Russian side, citing national interests.
Meanwhile, NIS has ensured short-term operational continuity. After submitting the preliminary sale agreement to US authorities, the company requested an extension of its operating license, which was due to expire. The US Treasury’s Office of Foreign Assets Control (OFAC) granted a new permit valid until 20 February, specifying conditions that exclude the involvement of US entities, the US financial system, or any other sanctioned parties aside from NIS itself.
Regional oil supply has also resumed following regulatory approvals. Croatia’s pipeline operator JANAF, with government backing, received authorization to continue transporting crude oil to Serbia’s Pančevo refinery through 20 February. JANAF had previously halted deliveries after NIS was sanctioned last October, but flows restarted earlier this month, restoring a key supply route that covers the majority of Serbia’s oil needs.