Serbia says it has signed deal selling Russian stake in NIS to Hungary's MOL
What's the deal? Serbia says Russian owners of oil company Naftna Industrija Srbije (NIS) have signed a contract selling their majority stake to Hungarian energy group MOLDealroom has a profile for this one. Try Dealroom →. The buyout, announced on October 20, 2026, still needs approval from antitrust regulators in Serbia and Bosnia and Herzegovina before ownership changes hands. Terms were not disclosed.
Who owns what? Russian shareholders — Gazprom NeftDealroom has a profile for this one. Try Dealroom → with 44.85% and GazpromDealroom has a profile for this one. Try Dealroom → with 11.3% — together hold 56.15% of NIS. Serbia owns 29.87%, and Finance Minister Sinisa Mali said it has a written agreement to raise its stake from about 30% to 35%.
Why now? The sale would resolve months of uncertainty. The US imposed sanctions on NIS in October 2025 over its Russian majority ownership, and continued operations have depended on short-term US waivers, most recently extended through October 30.
What's the endgame? NIS runs Serbia's only oil refinery, at Pančevo, which supplies most of the country's fuel. Under a June governance agreement, MOL committed to keeping Pančevo running for 10 years and ensuring fuel supply to the Serbian market.
What could go wrong? The announcement is a step, not a completed deal. MOL announced a binding framework with Gazprom Neft in January but missed an initial March 31 timetable, and the company had not publicly confirmed the reported final contract. US Treasury and competition approvals remain material.
What did Serbia say? "An agreement has been reached with the Russian side, which is the majority owner of NIS, and with Hungary's MOL," Mali said. "Only one more thing needs to happen, and that is the approval of the antitrust commissions."
The signal: If completed, the deal would transfer a sanctioned Russian energy asset to an EU operator, ending a standoff over Serbia's fuel security. It would also mark a notable expansion for MOL across the Balkans.
Read more: nampa.org
Image credit: Urban_Integration
