MOL Denies Buying Russian Stake in NIS
Currently, the main owner of the Serbian company NIS is 'Gazprom Neft' (44.85%), with another 11.3% of shares belonging to JSC 'Intelligence' (under the management of LLC 'Gazprom Capital').
Consensus
- MOL stated there were no material changes in the NIS deal that required market disclosure.
- MOL is negotiating with Gazprom Neft to buy 56.15% of NIS.
- The deal requires approval from antitrust authorities in Serbia and Bosnia and Herzegovina.
- U.S. OFAC licenses are required for the transaction and are currently valid until October 30, 2026.
- Gazprom Neft owns 44.85% of NIS, with 11.3% held by Intelligens, controlled by Gazprom Capital.
- Serbia owns 29.87% of NIS and plans to increase its stake by 5 percentage points after the deal.
- NIS is under U.S. sanctions since early 2025.
- NIS is Serbia's only oil exploration and production company and operates a refinery in Pančevo.
- NIS has a network of over 400 gas stations across the Balkans.
Points of divergence
- The agreement referred to by Serbian Vice-Prime Minister Mali was not a purchase contract but an 'Akcionarski sporazum' (shareholder agreement) signed in June 2026, which defines governance model and only takes effect after MOL and Gazprom Neft finalize the sale and OFAC approves. — fontanka
- Mali stated that the agreement between Russia and MOL was signed, and that Serbia also signed a shareholder agreement with MOL, with the deal expected to be completed quickly after antitrust approvals. — interfax
- MOL may later sell a minority stake in NIS to ADNOC (UAE). — interfax
Coverage (2 sources)
- Hungarians refute purchase of Russian stake in NIS — Фонтанка
- MOL notified of no changes in negotiations around NIS — Интерфакс