Why is Serbia dissatisfied with MOL's revised proposal for acquiring a majority stake in NIS?

Serbia is dissatisfied because the revised proposal fails to adequately address concerns over the future operations of NIS’s only refinery—particularly its ability to ensure secure domestic fuel supply and maintain its economic and business impact; Energy Minister Dubravka Djedovic Handanovic explicitly stated, 'We will not jeopardise security of supply, nor the influence that the refinery's operations have on the economy and businesses.'

What is the current ownership structure of NIS, and what role do sanctions play in the proposed sale to MOL?

NIS is currently owned by Russia’s Gazprom Neft (44.9%), Gazprom (11.3%), and the Serbian government (29.9%); U.S. Treasury sanctions imposed in October demand divestment of the Russian-owned shares, prompting MOL’s January agreement to buy the combined Gazprom Neft and Gazprom stakes, with Washington setting a May 22 deadline for completion.

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Serbia Dissatisfied with MOL's Revised Proposal for NIS Oil Stake

May 13, 2026

Serbia's energy minister rejected MOL's revised offer to buy a majority stake in oil firm NIS, citing refinery security concerns amid US sanctions on Russian owners.

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