oil

Serbia warns Pancevo refinery will shut down without new U.S. license

Serbian President Aleksandar Vučić announced that the Pančevo refinery, operated by oil company NIS, will be forced to halt operations on 2 December unless the United States grants a license allowing the company to continue working under the existing sanctions framework. President Vučić warned that, without this authorization, Serbia will need to secure alternative channels […]

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North Macedonia restores strategic oil pipeline to reduce import dependence

North Macedonia’s Government announced that the oil pipeline connecting Thessaloniki and Skopje is expected to return to service before the end of the year, ending more than a decade of inactivity. Prime Minister Hristijan Mickoski stated that the pipeline had deteriorated significantly after years without maintenance, but that rehabilitation works are now progressing steadily. Pressure

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Hungary: MOL restructures into full holding company to boost efficiency and strategic oversight

Hungarian oil and gas group MOL has secured shareholder approval to transition into a full holding-company structure, a move the company says will better reflect how its operations already function and bring it in line with global energy-sector standards. The restructuring aims to make MOL more agile in decision-making, more responsive to market shifts, and

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Hungary considers expanding energy footprint from Russia to Serbia’s NIS

During a meeting in Moscow between Russian President Vladimir Putin and Hungarian Prime Minister Viktor Orbán, the two leaders discussed the possibility of Hungary acquiring stakes in Russian oil companies impacted by the latest round of US sanctions. Russian Deputy Prime Minister Alexander Novak emphasized that Hungary has been a longstanding and reliable energy partner

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Bulgaria walks a tightrope: Sanctions, diplomacy and the uncertain future of Lukoil

Prime Minister Rosen Zhelyazkov stated that the long-term outlook of the Lukoil Group in Bulgaria will largely depend on the broader diplomatic dialogue between Washington and Moscow. He emphasized that the company’s future is closely tied to efforts to end the war in Ukraine and achieve a durable peace agreement. Addressing questions on whether the

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From contractor to kingmaker: Is MOL preparing to shape the fate of Serbia’s energy monopoly?

For more than a decade, Serbia’s power sector has been defined by stagnation, delayed modernisation, and the slow unraveling of a once-dominant state monopoly. Elektroprivreda Srbije (EPS), the country’s vertically integrated electric-power utility, remains one of the largest state-owned enterprises in Southeast Europe—responsible for the country’s generation, distribution, mining and critical infrastructure stability. But it

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MOL’s potential takeover of NIS: What merger rules mean for Serbia’s oil market

Although the chief of staff to Hungarian Prime Minister Viktor Orbán stated that negotiations between MOL and the majority owner of Serbia’s oil company NIS are still in their early stages, the transaction increasingly appears likely. The impression is strengthened by Orbán’s recent meeting with Russian President Vladimir Putin — and by the Hungarian leader’s

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Region: Hungary confirms early talks on potential MOL stake in Serbia’s NIS amid push to reduce Russian ownership

Hungarian officials have confirmed that exploratory talks are underway on the possibility of oil and gas company MOL acquiring a stake in Serbia’s national oil company NIS. The information was disclosed by Gergely Gulyás, chief of staff to Hungarian Prime Minister Viktor Orbán, who stressed that discussions are still in an early phase. Gulyás noted

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Serbia moves to secure legal path for takeover of NIS amid sanctions crisis

Parliament Speaker Ana Brnabić announced that the Government will introduce an amendment to the 2026 draft budget that would allow Serbia to assume ownership of the oil company NIS, currently majority-owned by Russia’s Gazprom. Brnabić explained that the amendment follows discussions President Aleksandar Vučić held with several political parties and is intended to establish a

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Romania: Three international bidders show interest in acquiring Lukoil assets

Three prospective buyers from Romania, the European Union and the United States have expressed interest in acquiring Lukoil’s Romanian assets, which include the Petrotel refinery, a nationwide fuel distribution network and an offshore exploration block. Energy Minister Bogdan Ivan confirmed the developments, noting that some bidders are pursuing a broader, global acquisition of Lukoil’s international

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