Negotiations over the transfer of ownership of the Serbian oil company NIS could be finalized within days or weeks, according to Levente Magyar, Hungary’s Deputy Minister of Foreign Affairs and Trade. The proposed deal would see Russian companies GazpromNeft and Gazprom transfer their stake in NIS to the Hungarian MOL Group.
A key aspect of the negotiations involves coordination with the United States. Magyar explained that MOL has been in direct contact with the US administration, which has set conditions related to sanctions currently affecting NIS. For the transaction to proceed, Washington would need to allow these restrictions to be lifted.
Acquiring NIS would only be viable if the sanctions issue is resolved. The process requires alignment between MOL, the US Government, and Hungarian authorities, who are supporting the negotiations behind the scenes to ensure a solution acceptable to all parties.
Magyar expressed optimism about the outcome, noting that the deal could bring advantages for multiple stakeholders. For Serbia, the agreement would secure a buyer capable of maintaining cooperation with both Russian and Western partners. From the US perspective, the transaction could reduce Russia’s influence in the regional energy sector. At the same time, Hungary may be seen by Russia as a pragmatic partner with established constructive relations.
Concerns that geopolitical tensions in the Middle East might affect the deal were dismissed by Magyar, who stated that developments in that region are unlikely to interfere with the negotiations between MOL and the Russian shareholders.
The timeline for completing the ownership change is influenced by the deadline set by the US Office of Foreign Assets Control (OFAC), which has given NIS until 24 March to finalize the restructuring of its ownership.
