MOL is allegedly reached an agreement with Gazprom regarding the sale of NIS, but many are now rightfully interested in what kind of company MOL really is and what the Hungarians will do with the largest oil company in Serbia.
With a market value of around 7,5 billion dollars, MOL Group is the leading Hungarian energy company and the third most valuable company in Central and Eastern Europe.
Nebojša Atanacković, honorary president of the Union of Serbian Employers, tells "Vreme" that the agreement on the sale of the Russian share in the Oil Industry of Serbia to the Hungarian MOL is important above all because its achievement was long awaited, while in the meantime there was much speculation about the possible conditions of the takeover.
"MOL is a logical buyer, because it already has experience in the Balkan market and is a company that can hold NIS," Atanacković told "Vreme". "It is indisputable that this deal is driven by politics, not the economic aspect, but we see that the new Hungarian government has preserved good relations with America, they have not deteriorated significantly since the departure of Viktor Orbán."
Thus, he adds, the Hungarians remain America's closest collaborators in the European Union, especially when it comes to foreign policy and the refusal to help Ukraine.
What do the numbers say?
From an economic point of view, NIS is a company that many would like. This could be said if foreign policy, relations between Serbia, Russia and America, but also Hungary with each of these countries, were excluded from the equation.
"NIS is a company that has gone through two major investment cycles, the refinery is in good condition, so it would be very suitable for a company like the Hungarian MOL. They already have a refinery in Rijeka, and this is a natural market for them," Goran Radosavljević, director of the FEFA Institute, told Vreme earlier.
MOL Group, on the other hand, achieved 3,37 billion dollars in adjusted EBITDA profit in 2025, which is a ten percent increase compared to 2024. However, net profit fell by 21 percent, while sales revenues were lower, data from the company's annual financial report show.
MOL has a significant financial capacity for managing refineries and a retail network, which is particularly important for NIS, but only if the refinery in Pancevo continues to operate at the same capacity, which was allegedly promised to Serbia in advance.
Croatian experiences
Taking over NIS would not be a new experience for MOL, which already manages state-owned oil companies in Croatia (INA) and Slovakia (Slovnaft).
The cooperation between the Hungarian company and Croatia, however, did not prove particularly successful.
After the sale of INA in 2016, there was a lot of criticism in Croatia, as many experts estimated that the company was sold at a price many times lower than its real value. Prime Minister Andrej Plenković repeatedly announced the return of INA to Croatian ownership, but that did not happen. In the meantime, the oil refinery in Sisak, once one of the main plants for the production of derivatives in Croatia, was also closed.
The long-standing dispute between Croatia and MOL resulted in several different arbitration and court proceedings, with different outcomes.
The Hungarian is asking for reconciliation, the EU is not sure about that
Hungarian Prime Minister Peter Magyar stated in the fall of 2026 that Hungary is ready to negotiate with Croatia on the relations between MOL and INA. It was agreed that the talks should be initiated by the ministers of foreign affairs and economy of the two countries. Issues of broader political relations are also open, including the case of MOL director Žolt Hernadi, who is wanted by Croatia in connection with accusations of corruption.
However, on October 20, the European Commission initiated proceedings before the EU Court of Justice against Hungary in connection with the legal dispute between MOL and Croatia.
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