Hungarian energy firm Mol Nyrt. is nearing a deal to acquire Serbia’s only oil refinery. The move comes as US sanctions force Russia’s Gazprom Neft to divest its majority stake in the facility. This transaction would give Mol full control over the key Pančevo refinery, which processes crude from nearby regions.

The sale highlights how Western sanctions are reshaping energy assets in Eastern Europe. Gazprom Neft, a subsidiary of Russia’s state-owned Gazprom, has been under pressure to offload foreign holdings. For Mol, securing the Serbian refinery strengthens its regional supply chain and reduces dependency on third-party sources, a strategic priority for the Hungarian company.

Industry watchers will monitor regulatory approvals and the final price. The deal could also signal further asset sales by Russian energy firms in sanctioned markets. Mol’s expansion aligns with its long-term goal of becoming a dominant player in Central and Southeast Europe’s energy sector.