On February 24, Hungarian Foreign Minister Peter Szijjarto confirmed that MOL Group (Hungary) will buy back controlling shares in Serbian oil and gas company NIS from Gazprom (Russia). This is considered a key step to unify the oil market of 3 uninhabited countries. The core goal is to end the situation of being "politically extorted" by Kiev through controlling the pipeline passing through Ukrainian territory.
The Hungarian government is committed to providing maximum support for MOL Group to complete the deal, laying the foundation for an independent supply system in Central Europe. Along with that, Hungary and Serbia agreed to accelerate the oil pipeline project directly connecting the two countries. This new transport route allows Serbia to receive Russian oil through Hungarian territory instead of relying on infrastructure through Ukraine.
In fact, Russian owners are forced to divest capital in NIS due to US sanctions targeting Gazprom Neft. Currently, the parties have reached a purchase agreement and are awaiting approval from the US. Hungary's takeover of this asset is assessed by experts as a harmonious solution, helping to maintain supply for the region without violating international sanctions regulations.
During his working trip to the US, Mr. Szijjarto directly informed Washington energy officials about the situation of Ukraine blocking oil flows through the Druzhba pipeline. Hungary criticized this as a brutal act of interference in the energy security of neighboring countries, and hoped that the US would have an objective view of efforts to protect the legitimate interests of Central European countries.
The formation of an alliance between Hungary, Serbia and Slovakia marks a new phase in sub-regional cooperation relations. In the context of energy infrastructure being used as a political weapon, connecting networks and unifying ownership of oil and gas corporations has become a vital strategy. The results of these efforts will determine the autonomy of the group of 3 countries in the face of conflict fluctuations.
