MOL agrees to acquire majority ownership of Serbian NIS as Pančevo refinery begins start-up activities
MOL Group has signed a binding Heads of Agreement (HoA) with Gazprom Neft to acquire its 56.15% stake in the Serbian Naftna Industrija Srbije (NIS) corporation. Upon the deal’s closing, MOL said it will “assume significant shareholder responsibilities and control rights in the company operating Serbia’s only refinery…strengthening its presence in the Central and Southeastern European energy market,” the company said in a release Jan. 19.
The 4.8-million tonnes-year Pančevo refinery began operations in 1968 and has played a large role in Serbia’s energy supply, MOL Group said. The refinery has undergone phased modernization work over the last 15 years. The refinery primarily produces Euro-5 quality diesel and gasoline fuels compliant with EU standards, liquefied natural gas, petrochemical products, heating oil, bitumen, and other petroleum products.
NIS assets in addition to the oil refinery in Pančevo include a retail network and an exploration and production portfolio of about 173 MMboe 2P reserves with daily crude and gas production in Serbia exceeding 20,000 boe/d. It also holds exploration licenses in Romania and Bosnia and Herzegovina.
MOL Group said it is in negotiations with ADNOC to join the owners of NIS as a minority shareholder, while MOL retains majority ownership and control.
Completion of the transaction requires, among others, the approval of the United States of America’s Office of Foreign Assets Control, and other governmental and state approvals in Serbia.
The HoA set out the key terms of the sale and purchase agreement, including the timeline for the due diligence of NIS and the application for regulatory approvals. The parties aim to sign the sales and purchase agreement by Mar. 31, 2026.
Pančevo startup
In a separate Jan. 19 release, NIS said start-up activities at the Pancevo oil refinery were under way. NIS contracted the import of the first quantities of crude oil via the Adriatic Pipeline (JANAF) and said the start-up work “will enable the re-establishment of the commercial operation of the production facilities,” with the first delivery of oil derivatives expected on Jan. 27.
Operations at the refinery had been suspended early December 2025 due to a shortage of crude oil for refining, caused by sanctions imposed on NIS by the US Department of the Treasury.
Work will continue throughout February, the company said, “bearing in mind the imported quantities of crude oil, as well as crude oil produced in domestic oil fields,” and that further work “will be coordinated with decisions on enabling the company's operational activities.”
While production was suspended at the refinery, overhaul activities were carried out, including the replacement of the catalyst on the DHT reactor and the overhaul of the S-4700 plant, the company said.
The Pancevo refinery is also crucial for the operation of HIP-Petrohemija, the restart of which depends on the availability of raw materials for processing, as well as long-term decisions related to enabling the performance of operational activities of NIS, it continued.
The OFAC issued a special license Dec. 31, 2025, which allows the company to carry out operational activities ending on Jan. 23, 2026.