MOL Group has signed a binding letter of intent with the Russian company Gazprom Neft to acquire a 56.15% stake in the Serbian company NIS. Serbia has already officially granted its approval.
Upon completion of the transaction, MOL will assume significant ownership responsibility and management rights in the company, which operates Serbia’s only oil refinery. This move further strengthening its presence in the Central and Southeastern European energy market. The purchase agreement is to be signed by 31 March.
According to the letter of intent, the transaction extends beyond the Pančevo oil refinery to include NIS’s retail network as well as its portfolio in hydrocarbon exploration and production. The company operates nearly 400 filling stations in Serbia, Romania, and Bosnia and Herzegovina.
The Pančevo oil refinery, which began operations in 1968, has since played a key role in Serbia’s energy supply. Its annual processing capacity is around 4.8 million tonnes. It mainly produces Euro 5 diesel and gasoline fuels, LNG, petrochemical products, heating oil, bitumen, and other petroleum products that meet EU standards.
The MOL Group is also in talks with the state-owned oil company of the United Arab Emirates, ADNOC, regarding a possible minority stake in NIS.