Hungary expects negotiations over the sale of Russian ownership in Serbian oil company NIS to reach an agreement by 11 December 2026. Hungarian oil group MOL has been identified as a potential buyer, but the proposed transaction has not been completed and would require sanctions clearance and regulatory approvals.
Officials from Hungary, Serbia and Russia are seeking a commercial arrangement for the disposal of NIS interests associated with Russian energy group Gazprom. The deadline is tied to temporary authorisation from the US Treasury’s Office of Foreign Assets Control (OFAC), which permits negotiations over the sale of the sanctioned Russian company’s interest.
A successful acquisition would give MOL a larger position in Southeast European refining and fuels distribution. The group would need to weigh that strategic benefit against sanctions compliance, financing and integration requirements. The commercial outcome remains uncertain.
NIS operates the Pancevo refinery in Serbia, an important asset for the country’s petroleum products market and surrounding fuel supply chains. Serbia’s immediate concerns are continuity of crude procurement, refinery operations and domestic fuel supply.
Changes in ownership could also affect the commercial balance around crude-oil transportation. Croatian pipeline operator JANAF provides infrastructure used to supply the refinery, making access, tariffs and contractual arrangements relevant to regional sector economics.
The talks are taking place amid tightening restrictions on Russian energy. A separate exemption covering purchases from Lukoil and Rosneft is due to expire on 21 November, while European policy is moving toward a phase-out of Russian gas imports by autumn 2027.
