All outstanding issues concerning the future of Serbia’s oil company Naftna Industrija Srbije (NIS) between Hungarian company MOL and the Serbian State have been resolved, and the parties have reached a compromise on their shareholders’ agreement, Serbian Energy Minister Dubravka Đedović Handanović announced on Instagram.
In her post, the minister explained that the two sides had agreed that if Russia’s Gazprom Neft reaches an agreement with MOL on the sale of its 56.15% stake in NIS, and the transaction is approved by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the Serbian State will acquire an additional 5% stake in NIS. According to the minister, this step would give Belgrade greater influence over strategic decisions and, where necessary, the ability to block them.
With regard to the operation of the Pančevo oil refinery, the Hungarian side has committed to ensuring that the refinery continues to operate in the future as it has in the past,
maintaining at least the same average annual capacity as during the four years preceding the introduction of U.S. sanctions, when NIS achieved excellent business results. Maintaining this level of refinery operations is essential for supplying Serbia’s fuel market, which is why this issue was one of the Serbian side’s highest priorities. I am proud that we have succeeded in reaching an agreement that is extremely important and beneficial for the citizens of Serbia,” the minister emphasized.
The minister also stated that
representatives of the Serbian State on NIS’s board of directors will in the future enjoy broader powers in decision-making processes and in blocking decisions deemed unfavorable to the country.
Serbia has not exercised this degree of influence over NIS since the company’s privatization in 2008, she noted.
In her post, the minister stressed that efforts remain focused on securing a long-term solution for NIS under the circumstances created by the U.S. sanctions.
Fact
The United States imposed sanctions on NIS on October 9, 2025, due to its majority Russian ownership. On January 19, the MOL Group announced that it had reached an agreement with Gazprom Neft on the principal terms of a binding framework agreement under which MOL would acquire a 56.15% stake in NIS. Negotiations between Gazprom Neft and MOL regarding the transfer of the Russian-owned stake are currently ongoing. MOL is also in talks with the United Arab Emirates’ national oil company ADNOC, regarding a potential minority investment in NIS.
Russia’s Gazprom holds an 11.3% stake in NIS, while its subsidiary Gazprom Neft owns 44.9%. The Serbian government holds 29.87%, with the remainder owned by minority shareholders.
At the same time, energy lawyer Máté Tóth pointed out on his Facebook page that, although an agreement has now been reached with the Serbian side, the process is not yet complete. “It is urgent to move quickly with the Russians as well; only a few days remain to reach a potential agreement with the seller, Gazprom Neft,” he noted. The outcome of consultations with Gazprom Neft in the coming days could prove crucial.
Via MTI, Featured image: MTI/Balogh Zoltán
