MOL to increase petroleum product exports to Serbia

Hungary’s largest private energy company, MOL, is prepared to further increase the supply of petroleum products and crude oil to Serbia, announced Hungarian Foreign Minister Péter Szijjártó.

In November, the company had already doubled the volume of its petroleum product exports to Serbia compared with previous levels. A further increase is expected in December, which could raise deliveries to two and a half times the original amount, according to the Minister.

Oil products from Hungary to Serbia are currently being transported continuously by road, rail and ship. The first rail shipment has already been completed, and preparations for the next delivery are underway. The Hungarian Foreign Minister also highlighted that the cooperation of the Serbian government is playing a major role in ensuring that supplies become even more predictable and uninterrupted in the future.

The announcement comes amid a broader energy crisis triggered by recent US sanctions on Serbia’s main oil company, Naftna Industrija Srbije (NIS). These sanctions forced neighbouring Croatia to cease crude oil shipments to Serbia, which put the Pancevo refinery’s viability under serious threat. The NIS refinery is currently a few days away from having to shut down the majority of its operations.

In response, the Hungarian government and MOL have quickly pledged to increase oil product exports, acknowledging that while this cannot fully replace the lost pipeline supply, it will help mitigate any potential fuel shortage. Belgrade and Budapest are also planning to build a new oil pipeline connecting the two countries, which is expected to be completed by 2028. The pipeline project was agreed in principle earlier in 2025, and is planned to have an annual capacity of up to 4–5 million tonnes.

Hungary received exemptions from the US sanctions regarding Russian natural gas and oil via the TurkStream and Druzhba pipelines. You can read Ceenergynews’ interview with Hungary’s Minister of Energy, Csaba Lantos, where the topic of Russian oil purchases was also covered.