MOL and Serbia have finalised terms for a possible takeover of the Gazprom stake in NIS, Serbia’s largest oil company, before a June 16 US sanctions deadline.
The agreement between MOL and Belgrade was reached on June 11, according to the source report. It clears the way for the Hungarian energy group to acquire Gazprom’s 56.15% stake in Naftna Industrija Srbije.
MOL has not completed a deal with Gazprom. Any transaction also needs clearance from the US Treasury’s Office of Foreign Assets Control.
NIS was added to a US sanctions list in 2025 due to its Russian ownership, according to the source report. The measures targeted Moscow’s overseas energy assets.
The Pančevo refinery, Serbia’s only oil refinery, operates under a special US licence that expires on June 16. NIS has applied for a new licence to continue operations after that date.
Under the new arrangement, Serbia would raise its stake in NIS by 5%. That would give Belgrade a strategic veto on the company’s management board.
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The current ownership structure gives Serbia 29.87% of NIS. Gazprom holds 11.30%, while Gazprom Neft holds 44.85%, with the remaining shares held by other shareholders.
