Negotiations over the future ownership structure of Serbia’s oil company NIS have reached a major milestone, with Serbian authorities and Hungary’s MOL reportedly resolving all key outstanding issues related to a proposed shareholder agreement.
According to Energy Minister Dubravka Đedović, both sides have aligned their positions on essential governance and operational questions linked to MOL’s planned acquisition of the majority stake currently held by GazpromNeft. However, the transaction still depends on an agreement between the Russian and Hungarian companies, as well as approval from the US Office of Foreign Assets Control (OFAC).
Under the emerging framework, Serbia is expected to strengthen its position within NIS. If the acquisition proceeds, the Serbian state plans to increase its ownership by purchasing an additional 5% stake, thereby expanding its influence over strategic decision-making within the company.
The revised governance model would also enhance the role of Serbian representatives on the NIS Board of Directors, giving them greater authority to participate in or potentially block decisions deemed contrary to national interests.
One of the most sensitive issues in the negotiations was the future of the Pančevo refinery, a critical asset in Serbia’s energy system. The proposed agreement reportedly includes commitments from the Hungarian side to maintain refinery operations and sustain processing levels comparable to those achieved in the four-year period prior to the introduction of US sanctions, when NIS recorded strong operational performance.
Government officials emphasize that the continued operation of the refinery is essential for ensuring fuel security and stability in the domestic petroleum market. Securing guarantees regarding its future role was therefore a central priority throughout the talks.
If completed, the deal would represent the most significant increase in state influence over NIS since its privatization in 2008. Serbian authorities continue to pursue a long-term solution for the company amid sanctions affecting its Russian shareholders, while also aiming to safeguard national energy security and economic stability.
Although substantial progress has been made, the final outcome remains dependent on the conclusion of negotiations between GazpromNeft and MOL, as well as regulatory approval from US authorities.
