Serbia is looking to increase its ownership in oil company NIS to gain greater influence over strategic decisions as the company navigates US sanctions linked to its Russian shareholders. President Aleksandar Vučić stated that the state aims to acquire an additional 5% stake, which would provide deeper insight into financial flows and operational management.
According to Vučić, reaching a 34% holding would significantly strengthen Serbia’s position, enabling closer oversight of the majority owner’s actions and access to detailed financial information. Currently, the Serbian state owns just under 30% of NIS.
The ownership structure of NIS remains dominated by Russian interests. The largest shareholder is GazpromNeft, holding 44.85%, while another 11.3% is controlled by a St. Petersburg-based company indirectly linked to Gazprom. The remaining shares are dispersed among minority investors.
US Treasury sanctions on NIS, due to Russian ownership, formally took effect in October, following earlier announcements and postponements. Last week, the Office of Foreign Assets Control (OFAC) granted NIS temporary permission to continue operations until 23 January, while also extending the deadline for negotiations on the sale of the Russian stake until 24 March.
In December, NIS and Hungarian MOL informed US authorities that talks were underway regarding the sale of the combined 56.15% Russian-owned share in the refinery operator. President Vučić said he hopes Russian and Hungarian stakeholders will reach an agreement by mid-January.
However, he added that Serbia has prepared an alternative plan if no deal materializes. In that scenario, the state would assume management control and is prepared to purchase the Russian stake at a fair market price, ensuring continuity of operations at a company seen as critical to national energy security.