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. Energy Minister Dubravka Đedović said both sides have aligned on essential governance and operational questions tied to MOL’s planned acquisition of the majority stake currently held by GazpromNeft. The transaction still requires an agreement between the Russian and Hungarian companies and approval from the US Office of Foreign Assets Control (OFAC).
Governance alignment for MOL’s planned majority stake
Đedović said the positions of the two parties are now aligned on governance and operational matters linked to MOL’s takeover plan. The framework under discussion is expected to strengthen Serbia’s position within NIS. If the acquisition proceeds, the Serbian state plans to buy an additional 5% stake to increase its ownership in the company.
The revised governance model would expand the role of Serbian representatives on the NIS Board of Directors. The changes would give them greater authority to participate in decisions or potentially block decisions considered contrary to national interests.
Pančevo refinery commitments and fuel security guarantees
A sensitive element of the negotiations concerns the future of the Pančevo refinery, described as a critical asset in Serbia’s energy system. The proposed agreement reportedly includes commitments from the Hungarian side to keep refinery operations running and sustain processing levels comparable to those achieved in the four-year period before US sanctions were introduced.
Officials said continued operation of the refinery is essential for fuel security and stability in Serbia’s domestic petroleum market. Securing guarantees about the refinery’s future role was identified as a central priority during talks.
Remaining conditions for closing the NIS deal
If completed, the transaction would mark the most significant increase in state influence over NIS since its privatization in 2008. Serbian authorities are pursuing a long-term solution for the company while sanctions affect its Russian shareholders.
Despite progress, the final outcome depends on concluding negotiations between GazpromNeft and MOL, alongside regulatory approval from US authorities. The deal therefore remains subject to both commercial agreement between the companies and OFAC authorization.
