Serbia and MOL agree on increased stake and control in NIS

Serbian energy minister Dubravka Đedović Handanović announced that Serbia and Hungary’s oil company MOL have reached a shareholder agreement on the future of Naftna Industrija Srbije (NIS). The deal stipulates that, should Russian Gazprom Neft agree to sell its 56.15 % stake in NIS to MOL and the transaction receives approval from the U.S. Office of Foreign Assets Control (OFAC), Belgrade will purchase an additional 5 % of NIS shares. This will give Serbia expanded voting rights and the ability to block decisions in the NIS board – a level of influence not seen since the 2008 privatization.

MOL also committed to keep the Pančevo refinery operating at least at the average annual capacity it maintained during the four years before U.S. sanctions were imposed, addressing a key concern for Serbian fuel security. The agreement was described as a “significant and useful” outcome for Serbian citizens. The negotiation occurs against the backdrop of U.S. sanctions on NIS due to Russian majority ownership, with Mol also in talks with the United Arab Emirates’ ADNOC about possible minority participation.

The arrangement is presented as a diplomatic and economic success for Serbia, strengthening its position in a strategic energy asset while ensuring the continued supply of petroleum products to the domestic market.