Serbia, MOL finalize shareholder talks over NIS stake deal
Agreement sets terms for potential ownership shift in Russian-backed oil firm.
Serbia has completed negotiations on a shareholder agreement with Hungary’s MOL regarding a potential stake in the oil company NIS, Energy Minister Dubravka Djedovic Handanovic announced. The agreement outlines the framework for cooperation between the Serbian government and MOL, as discussions continue over the future ownership of the Russian-backed company amid international sanctions.
The Serbian government currently holds a 29.9% stake in NIS, while Russia’s Gazprom Neft and Gazprom control a combined majority share. As reported by Reuters, separate talks are ongoing between MOL and the Russian shareholders over the possible acquisition of their stakes, following pressure linked to U.S. sanctions imposed on NIS in October 2025. These measures require divestment of Russian ownership and have forced the company to operate under temporary licenses for crude oil imports and processing.
Under the proposed arrangement, Serbia could increase its holding in NIS by an additional 5% if MOL completes the purchase of a 56.15% stake from Gazprom Neft and Gazprom, subject to approval from the U.S. Treasury’s Office of Foreign Assets Control (OFAC). The Russian companies have been given a deadline to finalize the sale under the sanctions framework.
The outcome of the transaction will determine the future ownership structure of NIS, a key player in Serbia’s energy market, and could reshape regional fuel supply dynamics depending on regulatory approvals and the completion of the stake transfer.
