Business 26 January 2026, 4:03pm

During the discussion, György Bacsa, the Mol Group's Strategic Director, emphasised that the oil company had signed a separate memorandum with the Serbian government. This memorandum stipulates that Serbia supports Mol's entry and defines the various forms of support. This framework may later be reinforced by an intergovernmental agreement between Hungary and Serbia.

In addition to the necessary official consultations and approvals, the next milestone will be the drafting and signing of the detailed purchase agreement,

György Bacsa emphasised. He also said that

the parties plan to finalise and sign the agreement by the end of March 2026, after which the closing process will begin.

The role of ADNOC was also discussed. The Abu Dhabi National Oil Company is cooperating with the Mol Group as a strategic partner in several areas, and the two companies are planning to establish a joint venture in the NIS project. Essentially, Mol will remain the controlling owner, while ADNOC will join with a minority stake.

In the podcast, György Bacsa emphasised that Mol's experts and management had conducted on-site inspections in Belgrade and at key facilities, including the refinery. "Our findings indicate that this is a well-maintained refinery operating with state-of-the-art technology. Since its privatisation in 2008, Gazprom Neft has made significant improvements, commissioning new plants and modernising and expanding the network, as well as increasing upstream production," he said.

The conversation also touched on the future of the Rijeka refinery. According to Bacsa, the Rijeka development programme will soon reach a decisive milestone. One of the Mol Group's largest investments, the DCU (delayed coking unit), worth nearly EUR 700 million, is set to be completed in March 2026. György Bacsa made it clear that the Rijeka refinery's role is independent of the NIS transaction, as the two refineries have different market functions and supply areas. This means the two facilities can complement each other.

As we reported earlier today, Serbian President Aleksandar Vučić announced on television that

Mol could pay almost €1 billion for a majority stake in the Serbian oil company NIS.

According to Vučić, Serbia had been willing to pay Gazprom and Gazprom Neft twice the agreed price. However, he did not reveal why the deal did not go through, stating that it would "jeopardise Serbian interests".

Tamás Pletser, an oil and gas industry analyst at Erste, previously told Portfolio: "We estimate the value of the 56.15% stake at EUR 1.4 billion, which is slightly higher than the book value."

Tamás Pletser, an oil and gas industry analyst at Erste, previously told Portfolio: "We estimate the value of the 56.15% stake at EUR 1.4 billion, which is slightly higher than the book value."

Cover photo: Portfolio