Russian stakeholders in Serbia’s state-affiliated oil company, NIS, have, in principle, consented to sell their controlling interest, as announced by Serbia’s energy minister on Wednesday. This step is intended to facilitate the lifting of U.S. sanctions that jeopardize the operation of the nation’s sole refinery.
The sanctions, which were implemented in October after several delays, halted crude oil deliveries to NIS and heightened the risk of an energy crisis during the winter. The Serbian government has been pressing Moscow to relinquish control in hopes that Washington might reconsider the sanctions.
Dubravka Đedović Handanović, Serbia’s Energy Minister, informed national broadcaster RTS that Gazprom Neft and Gazprom agreed to divest their 56.15% share in NIS to a buyer whose identity has not been disclosed.
“The identity of the third party remains confidential as this involves business negotiations among serious enterprises,” Handanović remarked.
She had previously indicated that the reserves at the NIS refinery might be depleted after November 25 unless new oil supplies are arranged. NIS has stated that it submitted a new request on Tuesday to U.S. authorities for a special license to continue its operations during the transition of ownership.
On Sunday, Serbian President Aleksandar Vučić expressed that Belgrade aims to avoid “confiscation or nationalization at all costs,” emphasizing that any change in ownership should be the result of negotiations rather than imposition.
The Serbian government holds nearly 30% of NIS, with the remaining shares owned by minority investors.
The company employs around 13,500 individuals and operates over 400 fuel stations in Serbia, in addition to approximately 80 locations in Bosnia, Bulgaria, and Romania. In 2024, NIS reported revenues of 3.3 billion euros ($3.8 billion) but recorded a loss of 153 million euros for the year.
NIS represents the latest energy company in Eastern Europe facing changes in ownership due to sanctions. Earlier this month, Bulgaria passed legislation to place a significant Lukoil-owned refinery under state management, while Hungary received a one-year exemption that permits continued imports of Russian oil.
Reporting contributed by AFP.
