Pressemitteilungen

MOL Group has signed a Shareholders’ Agreement with the Serbian government regarding the future governance of Naftna Industrija Srbije (NIS), the structure and decision-making processes of its governing bodies, as well as its strategic objectives.

The agreement enables MOL Group, as a majority shareholder, to take responsibility for the professional management, stable operations, and value-creating investments of NIS. Upon successful completion of the transaction, MOL will ensure the supply of the Serbian market and the operation of the Pancevo refinery, while further strengthening the network and logistics connections of MOL Group’s energy facilities.

“As a result of constructive negotiations with the Serbian government, we have reached an agreement on the governance of the company. Upon successful completion of the transaction, MOL, as majority shareholder, will be able to manage NIS efficiently on a professional basis. We can begin our joint work with clearly defined responsibilities and decision-making processes. We can put an end to this long period of uncertainty.

I look forward with confidence to working together with the Serbian government. We will do everything we can to make NIS stronger and more profitable, and to ensure that Serbia sees us as a reliable partner.  However, it is important to emphasize that this agreement does not yet mark the end of the sale process. An agreement must still be reached with the seller, and approval from the United States must also be obtained.

I am optimistic because this would allow us to strengthen the security of supply for the entire region and achieve a higher level of cooperation among energy companies in Central and Eastern Europe.” said Zsolt Hernádi, Chairman and CEO of MOL Group.

“Today's signing of the Shareholders' Agreement defines the future relations between the state and the Hungarian MOL, if they purchase NIS from Gazpromneft. This agreement will enter into force only if MOL and Gazpromneft agree on a purchase agreement and this is approved by the US Office of Foreign Assets Control. According to this agreement, which was adopted by the Government of Serbia, we will purchase an additional 5 percent of the shares in NIS, and the refinery will operate for at least the next 10 years at the capacity in which it operated for four years before the introduction of US sanctions. The agreement also ensures that there will be no disruption in the operations of subsidiaries, including Petrohemija. Our representatives on the Board of Directors will have greater influence on the decisions that are made. NIS is a critical energy infrastructure that affects our GDP and, as we have been talking about for months, the state has managed to reach an agreement with the Hungarian MOL as a potential buyer of the Naftna industrija Srbije, with which we will protect our market and security of supply, if they reach an agreement with the Russians.” said Dubravka Đedović Handanović, Minister of Mining and Energy of the Republic of Serbia.

The signing of the agreement is an important step; however, the transaction process is not yet concluded. The sales and purchase agreement between MOL Group and Gazprom Neft for the acquisition of a 56.15% stake in NIS is still being finalized. A key condition for closing the transaction—among others—is the approval of OFAC (Office of Foreign Assets Control of the U.S. Department of the Treasury). MOL has taken the necessary steps to obtain an extension of OFAC’s negotiation license.

Press contact:
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Signing the production sharing agreement marks a key milestone in advancing exploration activities in Libya. MOL Group entered the country earlier this year through a successful joint bidding with its JV partners for an offshore exploration licence. Together with Repsol (40% as operator) and TPAO (40%), MOL Group (20%) has submitted a joint bid for the O7 offshore block and was awarded the right to conduct hydrocarbon exploration.

The O7 block covers more than 10,300 km² in water depths exceeding 1,500 meters, located approximately 140 kilometres northwest of Benghazi. Its deepwater setting aligns with the consortium’s extensive offshore experience.

The minimum work commitment for Block O7 includes the acquisition of 1,500 km 2D and 2,300 km² 3D seismic data, drilling of one exploration well.

_“We are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement. This also means a new milestone in the revitalization of Libya’s oil and gas industry and we are honoured to be part of it. Libya holds strategic importance for Europe and offers an exceptional offshore exploration opportunity in North Africa. We are committed to contributing our expertise to Libya’s economy, while also strengthening the energy security of Central Eastern Europe through a new source._“ said Zsombor Marton, Executive Vice President of MOL Group Exploration and Production.

MOL Group has launched a new strategic partnership with Libya’s National Oil Corporation (NOC) in January 2026, marking a significant step toward expanding international cooperation in the oil and gas sector. The partners aim to exchange expertise, deepen technological cooperation, and identify new business opportunities that strengthen both organizations' international presence and future growth.

The initial well, drilled from the existing West Chirag platform, represents a critical first step in unlocking the field’s significant non-associated gas potential. Beyond enabling early production, the well will provide valuable reservoir and flow data, supporting the appraisal of the resource base and informing future full-field gas development. Non-associated gas resources of the Azeri-Chirag-Gunashli (“ACG”) field are believed to be significant, with up to 4 trillion cubic feet (ca. 112 billion cubic meters) in place and a potential upside to 6 trillion cubic feet. Gas and condensate produced from the well will be directed to the Sangachal Terminal via the existing ACG infrastructure. After the State Oil Company of the Republic of Azerbaijan (SOCAR), and BP, the operator of the JV, MOL is the third largest shareholder in ACG.

“After successful oil production in the ACG field, the first gas production marks an important step towards the field’s further development, building on our strong cooperation with our partners in the project. Our great partnership in Azerbaijan with SOCAR spans many years and is a key pillar of our international upstream portfolio. We are committed to leveraging our extensive experience in exploration and production to further advance the upstream sector of Azerbaijan and to support the supply security of Central Europe,” said Zsombor Marton, Executive Vice President of MOL Group Exploration and Production.

MOL Group entered Azerbaijan in 2020 by acquiring a 9.57% stake in the Azeri-Chirag-Gunashli (“ACG”), one of the world’s largest oil fields, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (“BTC”) pipeline that transports the crude to the Mediterranean port of Ceyhan. Azerbaijan plays an important role in the energy supply of Central and Eastern Europe: so far, almost 18 million barrels of MOL’s crude oil was transported from the ACG field through the BTC pipeline and cargo ships to MOL Group’s refineries, including Slovnaft’s Bratislava and INA’s Rijeka Refinery. ACG accounts for 14% of MOL's total production and 26% of total reserves as of 2025.

In December 2025, MOL Group and SOCAR have signed a comprehensive exploration, development, and production sharing agreement for an onshore area in the Shamakhi-Gobustan region of Azerbaijan. MOL Group, as operator, holds a 65% stake, while SOCAR has 35% in the joint exploration project. As part of the next steps, a seismic survey is scheduled to begin in 2026, followed by the exploration drilling at a later stage.

As part of MOL Group's international portfolio, the company has oil and gas exploration and production assets in ten countries, with production in eight countries: in Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary. To maintain the updated SHAPE TOMORROW strategy target of at least 90 thousand barrels of oil equivalent/day production level over the next 5 years, MOL aims to further strengthen its international portfolio and seeks additional strategic partnerships. Consequently, it has recently signed cooperation agreements with the national oil company of Kazakhstan (KazMunayGas), the national oil company of Azerbaijan (SOCAR), the national oil company of Türkiye (TPAO) and with Libya’s National Oil Corporation (NOC).

Press contact:
internationalpress@mol.hu

Preparation for the restoration begins with the cleaning of the plant, followed by the scaffolding and technical inspection of the equipment, pipelines, as well as steel and reinforced concrete structures affected in the incident. We will dismantle the damaged elements and immediately begin the procurement of the necessary equipment for the restoration.

Following the technical inspection of the damaged equipment, we will get a more accurate picture of how long the restoration will take. Based on preliminary expert estimates, the plant may resume operations after several months of restoration work.

The condition of our injured colleagues continues to improve; however, they still require hospital treatment. MOL is providing full support to those affected and their relatives.

Fuel supply in Hungary is not affected by the incident. Other units of MOL Petrochemicals are operating as planned.

In the same decision, the tribunal rejected MOL’s compensation claim, creating a precedent that sends a serious message to future foreign investors. MOL’s compensation claim arose out of Croatia’s breach of the First Amendment to the Gas Master Agreement (FAGMA), which had been approved by the Kosor government to remedy Croatia’s previous breach of the 2009 Gas Master Agreement (GMA). MOL relied on the government’s official approval to continue investing in the country. The tribunal, however, determined that the FAGMA’s royalty provision was contrary to mandatory Croatian law, despite the fact that the agreement had been fully vetted and approved by the Croatian state at the time.

As a responsible and law-abiding international company, MOL will, of course, fully comply with all its obligations arising from the decision in accordance with the law.

Preparations for the safe draining of the affected unit have begun. Once this process is completed, damage assessment activities can start.

MOL is in continuous contact with the hospitals in Miskolc and Debrecen, and is providing full support to the injured colleagues and their families. Two employees have been discharged from Miskolc Hospital, while seven colleagues remain hospitalised and require further treatment; their condition is stable and improving.

The company is providing professional psychological support to colleagues affected by the incident as well as those involved in the emergency response.

Fuel supply in Hungary is not affected by the incident. Other units of MOL Petrochemicals are operating as planned.

Biogas is a renewable energy source produced through the decomposition of organic materials (such as plant residues, manure, food waste), and primarily consists of methane, along with carbon dioxide and other compounds. The new unit will purify biogas by removing these latter components, producing high-purity, high-energy biomethane. Biomethane is not only suitable for replacing natural gas as a fossil energy carrier but also represents a product with much higher added value due to the associated green certificate (ISCC). The 7 million cubic metres of biomethane is equivalent to the annual gas consumption of approximately 8,500 average households.

Locally produced energy is not only an advantage, but also a strategic factor. In Central and Eastern Europe, biomethane is considered a promising solution because it can be built on a strong agricultural background, an existing gas network and real industrial demand.

MOL will actively apply the experience gained from operating the Szarvas plant both when evaluating future acquisition opportunities and when planning new greenfield investments.

“Through the new investment, we are providing an effective response to the energy trilemma: we are increasing energy security while producing an energy carrier in an affordable and sustainable way,” said Ádám Horváth, New and Sustainable Businesses Vice President of MOL Group. „In order to unlock the potential of biomethane at a national level, an effective support system, clear and supportive regulation, and cooperation between the agricultural and energy sectors will be necessary as well.”

MOL Group acquired the Szarvas biogas plant in 2023. Currently, the biogas is utilized in gas engines: they produce nearly 24 GWh of green electricity annually and also provide combined heat. The waste processing facility uses organic waste to produce electricity and heat through cogeneration, with a peak electric power capacity of approximately 4 megawatts. The plant processes more than 40,000 tonnes of waste each year from meat production in the region, and another 53,000 tonnes of residual waste (such as slurry and manure) from neighbouring livestock and meat processing farms. In addition, around 18,000 tonnes of agricultural substrate is used as feedstock for the plant, which produces nearly 12 million cubic meters of biogas.

Its agricultural partners and raw material suppliers play a key role in ensuring a stable and efficient supply of raw materials. MOL therefore intends to further strengthen the strong and reliable cooperation with the agricultural sector in the future.

Press contact:
@ internationalpress@mol.hu