January 16, 2026 [Reuters]- Hungarian oil group MOL is expected to sign the first key deal during its talks to buy a majority stake in Serbia’s Russian-owned NIS oil company in the coming days, Hungarian Foreign Minister Peter Szijjarto said on Thursday.

Speaking in Belgrade after talks with Serbia’s energy minister, Szijjarto told a briefing that once the first agreement between MOL and Gazprom Neft is signed, the documents would be submitted to the United States for approval.

That submission is a crucial step as the parties race to meet a late March deadline set by the U.S. after it imposed sanctions on NIS in October, as part of broader measures targeting Russia’s energy sector over Moscow’s war in Ukraine.

NIS had until late March to negotiate the divestment of stakes held by Russia’s Gazprom and its oil unit, Gazprom Neft.

Szijjarto said Budapest supported MOL’s talks to buy the stake in NIS, and Serbia’s sole Pancevo refinery would be of “strategic importance” for MOL and wouldn’t be shut down.

NIS STAKE WOULD BOOST REGION’S ENERGY SECURITY

“In the coming days, there is good chance for the first milestone to happen: the first important agreement between MOL and Gazprom Neft could be signed as part of their talks,” Szijjarto said, adding MOL’s acquisition of a majority stake in NIS would increase Central Europe’s energy security.

MOL declined comment on Thursday on details of the potential acquisition of NIS.

Gazprom and Gazprom Neft own 11.3% and 44.9% of NIS each. The Serbian government has a 29.9% stake.

“The goal is to complete these talks by the end of this week and to sign a binding agreement for the transfer of ownership of all shares from the Russian owners to the new owners,” Serbian Energy Minister Dubravka Djedovic Handanovic said.

Erste’s regional energy analyst Tamas Pletser said there were questions over the deal, and what the U.S. would accept.

“It will still be a bumpy road to a deal being sealed,” he said.