Serbia seeks greater control of NIS as MOL and Gazpromneft negotiations progress

Serbia is in advanced talks with Hungarian oil group MOL to restructure the ownership of Naftna Industrija Srbije (NIS). The proposed deal would give the Serbian state an additional five‑percent stake and possibly a majority share, but its finalization hinges on Russian Gazpromneft agreeing to sell its current share to MOL and on approval from the U.S. Office of Foreign Assets Control (OFAC). State officials stress that the agreement must protect national energy security and keep the Pančevo refinery operating at full capacity.

The Pančevo refinery, linked to the Petrohemija complex, is regarded as essential for Serbia’s energy independence, especially amid regional geopolitical tensions and volatile oil markets. Keeping the plant running at full capacity would ensure domestic fuel production and reduce reliance on imported refined products. A decisive decision is expected after the upcoming regulatory review, with the outcome poised to shape the future governance of one of Serbia’s most strategic energy assets.