Serbia and the Hungarian oil company MOL have reached a compromise regarding future ownership relations in the Petroleum Industry of Serbia (NIS). Under the agreement, the Serbian state could increase its ownership stake and gain greater management powers if the Russian shareholding is sold.

Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović, stated that Serbia and MOL had successfully resolved all outstanding issues relating to the shareholders’ agreement governing the future ownership structure of NIS, according to Nova.rs.

According to the minister, the agreement provides for the Republic of Serbia to acquire an additional five per cent stake in NIS if Russia’s Gazprom Neft reaches an agreement with MOL on the sale of its majority holding of 56.15 per cent, and if the transaction receives approval from the US Office of Foreign Assets Control (OFAC).

“This would grant the Serbian state additional rights in both making and blocking important decisions concerning national interests,” the minister said.

One of the key elements of the agreement concerns the operation of the Pančevo Oil Refinery. The Hungarian side has committed to ensuring that the refinery continues to operate at no less than the same average annual capacity levels as in the four years preceding the introduction of US sanctions.

Đedović Handanović stressed that securing the refinery’s continued operation had been among Serbia’s highest priorities, given its crucial role in supplying the domestic market with petroleum products.

The agreement also envisages strengthening the position of Serbia’s representatives on the NIS Board of Directors. State representatives are expected to receive greater authority in the decision-making process, including the ability to block actions that could be detrimental to Serbia’s interests.

“The Serbian state has not enjoyed this level of influence since 2008, when NIS was privatised,” the minister emphasised.

Negotiations over the future of NIS have attracted considerable public attention in recent months due to US sanctions against Russian energy companies and the uncertainty surrounding the ownership structure of one of Serbia’s most important energy enterprises.

(SeeBiz, 11.06.2026)

https://www.seebiz.eu/energetika/srbija-i-mol-postigli-sporazum-drzava-dobiva-veci-utjecaj-u-nis-u/330647