Croatia ready to acquire Serbian company NIS
Zagreb moves to protect energy interests as U.S. sanctions hit Russian-owned firm.
Croatian Minister of Economy Ante Šušnjar announced that Croatia is prepared to purchase the Russian-owned oil company Naftna Industrija Srbije (NIS) following the imposition of U.S. sanctions on the firm.
The move comes as Croatia’s state-owned oil pipeline operator Jadranski naftovod (JANAF) faces a major revenue shortfall due to the suspension of deliveries to Serbia. Sanctions against the Serbia-based company took effect after months of delay, as reported by Balkan Green Energy News.
JANAF confirmed it holds a license to supply NIS until October 15, but Šušnjar stated that all deliveries from terminals and pipelines have already stopped. He emphasized that Croatia's interest in acquiring the subsidiary is not about dominating Serbia’s retail market, but safeguarding JANAF’s strategic position.
NIS has been a key partner of JANAF for four decades, accounting for over 30% of its annual revenue. A halt in operations could cost Croatia an estimated €18 million by the end of the year, according to Stjepan Adanić, chairman of JANAF’s management board.
The U.S. sanctions target Russian state-owned Gazprom Neft, which previously held a majority stake in NIS. After a recent restructuring, Gazprom Neft owns 44.9%, while another Gazprom-affiliated company holds 11.3%. Serbia retains a 29.9% stake.
