Serbia has taken formal steps to secure the continued operation of NIS amid ongoing negotiations over a potential ownership change involving GazpromNeft and Hungary’s MOL Group. Minister of Mining and Energy Dubravka Đedović confirmed that NIS has submitted a request to the US Office of Foreign Assets Control (OFAC) seeking permission to maintain normal business activities while discussions on a sale are still in progress.
According to the Minister, a definitive sale and purchase agreement has not yet been finalized, but the negotiating parties have aligned on the core principles that would underpin a future transaction. These initial understandings define the framework for a possible transfer of ownership, though substantial work remains before a final agreement can be signed.
GazpromNeft, as the majority shareholder, and MOL have reached consensus on fundamental terms, enabling NIS to formally approach the US authorities. A decision from Washington is expected shortly and will be decisive for the next phase of the process. If approved, MOL would be in a position to proceed with the acquisition of the Russian-owned stake.
Serbian authorities emphasize that the country is directly involved in the negotiations and that ensuring uninterrupted operation of the Pančevo refinery has been the central priority. The government has also sought to strengthen its position within NIS. A memorandum of understanding with MOL allows Serbia to raise its ownership share by an additional 5%, while MOL has committed to maintaining refinery output at recent levels, with flexibility to increase production if domestic demand rises.
MOL’s interest covers a 56.15% stake in NIS, and once the transaction is completed, Serbia could exercise its option to increase its participation. The ownership structure could also be diversified through strategic partners outside Europe. In this context, the United Arab Emirates’ ADNOC has emerged as a potential minority investor, with Serbian officials noting that its involvement could be strategically advantageous, subject to regulatory approvals.
Despite the uncertainty surrounding sanctions and ownership changes, Minister Djedovic emphasized that Serbia’s fuel market remains stable, supported by substantial petroleum reserves. While NIS remains a focal point of national energy policy, the government’s broader objective is to reinforce energy security and create conditions for steady sector development in the coming years.