Under the proposed arrangement, if Russia’s Gazprom Neft agrees to sell its 56.15% stake in NIS to MOL and the transaction receives approval from the U.S. Office of Foreign Assets Control (OFAC), the Serbian state will acquire an additional 5% stake in the company. This would strengthen Belgrade’s position in key corporate decision-making processes and provide greater authority to support or block decisions deemed contrary to Serbia’s national interests.
Another major element of the agreement concerns the future of the Pančevo refinery, one of Serbia’s most important energy facilities. According to Serbian officials, the Hungarian side has committed to maintaining refinery operations at least at the average annual capacity levels recorded during the four years preceding the introduction of U.S. sanctions. Ensuring uninterrupted refinery activity was one of Serbia’s main priorities, given its critical role in supplying the domestic fuel market.
The agreement would also expand the powers of Serbian representatives on NIS’s Board of Directors. Government officials say board members appointed by Serbia would gain stronger authority not only in decision-making but also in preventing potentially harmful corporate actions. If implemented, the arrangement would give the Serbian state its most significant influence over NIS since the company’s privatization in 2008.
The proposed deal comes as Serbia seeks to protect its energy security and shield NIS from the effects of international sanctions, while preserving stable fuel supplies and the continued operation of one of the country’s most strategically important companies.
