BELGRAD: Gazprom and the Hungarian concern MOL have agreed on the terms of the deal concerning NIS (Neftna Industrija Srbije), Belgrade w...
BELGRAD: Gazprom and the Hungarian concern MOL have agreed on the terms of the deal concerning NIS (Neftna Industrija Srbije), Belgrade will increase its stake in the company by 5%, Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic announced
According to her, the negotiators will soon present the terms of the deal to the US Treasury Department's Office of Foreign Assets Control (OFAC). She added that "partners from the United Arab Emirates are expected to participate in the deal."
On January 15, Hungary’s Foreign Affairs and Trade Minister Peter Szijjarto said that Budapest expects MOL company to reach an agreement in coming days on the purchase of the controlling stake in NIS from Russia’s Gazprom Neft.
"It is also important to note that Serbia has managed to improve its position in these negotiations compared to 2008, when our ownership stake was less than 30%, namely, by increasing our stake in Naftna Industrija Srbije by 5% in the future and achieving a shareholding level that will allow us to gain broader decision-making rights at shareholder meetings and, above all, protect the interests of our citizens," Radio Television of Serbia quotes Djedovic-Handanovic as saying.
According to the minister, the deal is to be completed no later than March 24. She also stressed the importance of MOL's commitment not to close the Pancevo refinery owned by the Serbian company and not to reduce fuel production there.
NIS owners are forced to sell their assets because otherwise they will be subject to US sanctions. In January 2025, the US Treasury Department added the Serbian company to the sanctions list along with its majority shareholder, Gazprom Neft. After several deferrals, the restrictions came into effect on October 9, 2025. On November 11, 2025, the Serbian Energy Ministry announced that the Russian owners of NIS had notified the United States of their willingness to transfer control of the company to a third party. On December 31, 2025, NIS received a license from the US Treasury to continue operations until January 23, 2026.
NIS's main production facilities are located in Serbia, as well as in Bulgaria, Bosnia and Herzegovina, Hungary, and Romania. The majority shareholders are Gazprom Neft (44.85%), Serbia (29.87%), and St. Petersburg-based JSC Intelligence, managed by Gazprom Capital (11.3%).
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