MOL Managing Director Gyorgy Bacsa on details of NIS transaction

Our unspoken goal has always been to achieve the highest possible position on the Serbian market. In terms of its significance, the NIS transaction is comparable to the acquisitions of INA and Slovnaft. When such an opportunity arises, MOL approaches it very seriously and directs all available resources towards its implementation, said MOL Group Chief Strategic Officer Gyorgy Bacsa.

In the latest episode of the MOL Talks podcast, Gyorgy Bacsa, PhD, MOL Group Chief Strategic Officer, spoke with Ambrus Halasz, Head of Group Corporate Communications, about the background of the transaction and the next steps.

The conversation covered a number of topics that go beyond the announcement published on January 19, including details of the memorandum signed with the Republic of Serbia, the planned structure of the joint venture with ADNOC, the development and future of the Rijeka refinery, the diversification of the region’s supply, as well as the strategic importance of the North-South energy corridor.

– Our unspoken goal has always been to achieve the highest possible position on the Serbian market. In terms of its importance, the transaction with NIS is comparable to the acquisitions of INA and Slovnaft. When such an opportunity arises, MOL approaches it very seriously and directs all available resources towards its implementation – said Gyorgy Bacsa.

Serbian market and cooperation

– Thanks to decades of presence, we know the Serbian market very well. During the crisis months, relations and cooperation were further strengthened - intensive cooperation was developed with the Republic of Serbia, with NIS, as well as with key market and regulatory stakeholders. MOL played an active role in preventing the fuel supply crisis in Serbia. We increased deliveries, especially diesel, so that fuel was available even during the refinery downtime. This joint action and the trust built represent a strong basis for MOL’s entry into the market to be a win-win step, in which MOL can be a stable and responsible owner of NIS – said Gyorgy Bacsa.

He pointed out that MOL, after more than twenty years of presence on the market, knew Serbia very well, and that the mutual trust between the parties had been further strengthened in recent years.

What is Heads of Agreement

“Heads of Agreement can be seen as a base camp before the final climb - it is not yet a final purchase agreement, and additional time is needed to conclude the process. The transaction requires a series of regulatory consultations and approvals,” said the Managing Director of MOL Group.

– The binding Heads of Agreement means that the seller has accepted MOL’s offer, but this agreement goes a step further. We have also signed a special memorandum with the Government of the Republic of Serbia, which confirms support for MOL’s entry and defines various forms of that support. This framework will later be confirmed by an intergovernmental agreement between Hungary and Serbia. In the coming period, in parallel with regulatory consultations and obtaining the necessary approvals, the key step will be the preparation and signing of a detailed purchase agreement – emphasized Bacsa.

According to the plans, the parties plan to finalize and sign a detailed purchase agreement by the end of March 2026, followed by the closing process.

The role of ADNOC was also discussed during the talks. Abu Dhabi National Oil Company cooperates with MOL Group as a strategic partner in several areas, and within the NIS project, the establishment of a joint venture is planned. In this structure, MOL will remain the majority and controlling owner, while ADNOC will participate as a minority shareholder.

ADNOC and the joint venture

– ADNOC is a strategic partner of MOL and we cooperate in several areas. It is a global player that can be an exceptional partner in the field of security of supply, oil transportation, as well as international operations and asset management - both in the upstream and downstream segments. Within the NIS project, we plan a joint venture in which MOL remains the controlling owner, while ADNOC participates with a minority stake.

Gyorgy Bacsa emphasized that the added value of ADNOC was both in security of supply and in commercial and operational terms, given their significant experience in the upstream and downstream business segments.

Bacsa also emphasized in the podcast that MOL had conducted a detailed on-site due diligence, both at the expert and managerial level, in Belgrade and at key facilities, including the refinery.

– Our findings indicate that this is a well-maintained refinery that operates using modern technologies. Since its privatization in 2008, Gazpromneft has made significant investments - new units have been put into operation, the network has been modernized and expanded, and production in the upstream segment has been increased. I believe that the strategy started in NIS and its development direction can be successfully continued under the management of MOL – said Bacsa.

The conversation also touched on the future of the refinery in Rijeka. According to Gyorgy Bacsa, the development program of the Rijeka Refinery is about to reach an important milestone. In March 2026, the DCU unit (delayed coker unit), one of the largest investments of the MOL Group, worth almost 700 million euros, will be put into operation.

INA - Rijeka

– A key phase of the Rijeka development program will soon be completed. During our mandate, the hydrocracking unit was also put into operation, and now the multi-year DCU project has been completed. As a result of these investments, Rijeka has become a modern and strategically important refinery with a clear long-term role in the MOL Group portfolio.

– We are proud of what our colleagues have achieved during the modernization of the Rijeka Refinery. Thanks to these investments, Rijeka is positioned among the leading refineries in Europe – emphasized Bacsa, emphasizing that the role of the Rijeka Refinery was completely independent of the NIS transaction. The two refineries have different market functions and supply zones, which allows them to complement each other.

JANAF and diversification

– In the case of JANAF, we are talking about interdependence, with NIS being particularly affected, as it can currently import crude oil only through the JANAF pipeline. This interdependence needs to be transformed into cooperation, based on equal partnership and transparent consultations.

NIS a.d. Novi Sad

NIS

MOL

Gyorgy Bacsa

JANAF

NIS purchase