Romanian holding sale approved in 2026
Naftna Industrija Srbije (NIS) has signed an agreement to sell its entire holding in NIS Petrol Romania. The Serbian company’s board approved the transaction during the second quarter of 2026. NIS has not disclosed the buyer or the financial terms. Completion is conditional on regulatory approvals and licences from the US Office of Foreign Assets Control.
The Romanian subsidiary operates 19 filling stations and holds interests in oil and gas exploration and production. As part of the restructuring, NIS is also pursuing a disposal of its Romanian business. The transaction is linked to ongoing sanctions compliance requirements affecting regional operations.
Planned exit from Bulgaria and station footprint
NIS is also seeking to dispose of NIS Petrol Bulgaria. The Bulgarian operation runs 23 Gazprom-branded filling stations. The company began considering withdrawal from both markets in February 2025 after operational problems and sanctions complicated financing, procurement, payments and corporate transactions.
Bulgaria’s competition authority later disclosed that Uni Energy had applied to acquire NIS Petrol Bulgaria. NIS has operated under US sanctions since January 2025 due to its Russian ownership structure. It has relied on temporary authorisations to keep essential operations running.
Sanctions licensing, operational dependencies and OFAC conditions
NIS has applied for another special licence beyond 31 July 2026. The sanctions impact extends beyond ownership on paper, requiring uninterrupted access to crude supply, banking services, insurance, shipping, technology providers and cross-border payments. Any interruption could affect the Pančevo refinery and Serbia’s domestic fuel market where NIS remains the dominant operator.
MOL has been negotiating a potential acquisition of the Russian-held interest in NIS. Such a deal could provide a route to sanctions relief, but it would require agreement on valuation, governance and future strategic control, along with approval from several governments and regulators . The Romanian sale completion depends heavily on OFAC approval and whether it is considered sufficient progress toward reducing sanctioned Russian control .
NIS retail network across the region
NIS operates 384 filling stations, including 327 in Serbia. Additional activities are listed in Bosnia and Herzegovina, Romania and Bulgaria. Disposals of the Romanian and Bulgarian units would reduce geographic reach while concentrating capital on the Serbian market.
The restructuring process is described as part of keeping the core company operational rather than a standalone portfolio adjustment. Completion timing remains tied to regulatory approvals for both Romania and Bulgaria under the relevant sanctions framework.
