Joint venture between MOL and ADNOC to acquire NIS with UAE partner as minority shareholder

Speaking in the latest episode of the MOL Talks podcast, Bácsa discussed the background of the transaction and the upcoming steps in the takeover of the Serbian company, as announced by MOL.

Bácsa explained that the binding Heads of Agreement signifies that the seller has accepted MOL’s offer. However, the process goes further; a special memorandum has been signed with the Government of the Republic of Serbia, confirming support for MOL’s entry and defining various forms of assistance. This framework is expected to be formalized later through an interstate agreement between Hungary and Serbia.

"In the coming period, parallel with regulatory consultations and obtaining necessary approvals, the key step will be the preparation and signing of a detailed purchase and sale agreement," Bácsa emphasized.

Under the memorandum signed with the Serbian government, MOL has committed to granting the Republic of Serbia an additional 5% ownership stake in NIS. The parties intend to finalize and sign the detailed purchase agreement by the end of March 2026, followed by the closing process of the transaction.

The role of ADNOC and market smbitions

The partnership with ADNOC, a strategic collaborator with MOL in several areas, is expected to bring significant added value. Bácsa noted that ADNOC’s contribution lies in supply security as well as commercial and operational expertise, given their extensive experience in both upstream (exploration and production) and downstream (refining and sales) segments.

Bácsa highlighted that MOL’s "unspoken goal" has always been to achieve the highest possible position in the Serbian market. He stated that the significance of the NIS takeover is comparable to previous major acquisitions, such as the Croatian company INA and the Slovakian company Slovnaft.