MOL Group and the Government of Serbia have signed a shareholders’ agreement that would define the future governance structure of Naftna industrija Srbije (NIS) in the event that the Hungarian energy company acquires a controlling stake in the Serbian oil and gas company.
The agreement outlines the proposed framework for management structure, decision-making procedures, and corporate governance rules within NIS. It will only enter into force if MOL completes the acquisition of Gazprom Neft’s 56.15% stake and obtains all required regulatory approvals. Negotiations between MOL and Gazprom Neft regarding the potential transaction are still ongoing, and any final deal would also require approval from the US Office of Foreign Assets Control (OFAC).
Under the proposed arrangement, the Republic of Serbia would increase its ownership stake by an additional 5%, strengthening the state’s influence over key strategic and corporate decisions within the company.
The agreement also includes provisions aimed at ensuring the continued operation of the Pančevo refinery, with processing volumes expected to remain broadly aligned with levels recorded before the introduction of US sanctions. It additionally covers the ongoing functioning of NIS subsidiaries, including Petrohemija, which remains an important part of the company’s downstream portfolio.
According to Serbian officials, the document establishes a governance framework that would take effect only in the event of a change in ownership. The next steps in the process include finalizing a share purchase agreement with Gazprom Neft and securing the necessary approvals from US authorities. MOL has already requested an extension of its negotiating license, after the previous authorization expired on 16 June.
