Negotiations over the future ownership structure of Serbia’s 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. The talks focus on governance and operational arrangements tied to MOL’s planned acquisition of the majority stake currently held by GazpromNeft. Energy Minister Dubravka Đedović said both sides have aligned their positions on essential questions.
Governance alignment and conditions for MOL stake acquisition
According to Đedović, the parties have agreed on governance and operational matters linked to the proposed transaction. The deal still requires an agreement between GazpromNeft and MOL, alongside approval from the US Office of Foreign Assets Control (OFAC). The reported breakthrough concerns the shareholder agreement framework rather than final regulatory clearance.
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. This would expand Serbia’s influence over strategic decision-making within the company.
Board role changes for Serbian representatives
The revised governance model would also adjust the role of Serbian representatives on the NIS Board of Directors. The changes are intended to give Serbian representatives greater authority in participating in decisions. They could also potentially block decisions considered contrary to national interests.
Pančevo refinery operating commitments and fuel security focus
A central issue in the negotiations was the future of the Pančevo refinery, described as a critical asset in Serbia’s energy system. The proposed agreement reportedly includes commitments from MOL to maintain refinery operations and sustain processing levels comparable to those achieved during a four-year period before US sanctions were introduced.
Government officials said continued operation of the Pančevo 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 the talks.
Next steps depend on GazpromNeft-MOL talks and US approvals
If completed, the transaction 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 NIS amid sanctions affecting its Russian shareholders.
Despite progress, the final outcome remains dependent on concluding negotiations between GazpromNeft and MOL. It also requires regulatory approval from US authorities, including OFAC-related clearance for the transaction structure.
