Serbian oil company targeted for acquisition, with Mol also in the race

The Serbian oil company NIS has been pushed to the brink of operational collapse by US sanctions, while its Russian majority owner is prepared to sell its stake. Due to the urgency of the situation, a decision on who will take over the controlling share could be made within days – based on its financial background and regional presence, Mol is a strong candidate, but rival adnoc has also entered the race.

A decision about the future of the Serbian oil company NIS could come within days, as it has been struggling with severe operational difficulties since US sanctions came into force on 8 October. The situation not only threatens the security of Serbia’s energy supply, but may also have serious economic and political consequences at a regional level.

Mol is among the potential investors who could take over the Russian majority stake, and based on its financial capacity it has a realistic chance of completing the acquisition, reports 24.hu.

Sanctions have paralysed Serbian oil imports

NIS (Naftna Industrija Srbije) is a key player in Serbia’s oil industry and operates the country’s only major refinery, located in Pančevo. Until now, the company mainly processed seaborne crude oil delivered by pipeline through Croatia.

However, the US sanctions have made imports practically impossible, causing major deliveries to halt almost entirely. This has immediately resulted in significant supply uncertainty: without a rapid solution, Serbia may run out of its strategic oil reserves within days, forcing the refinery to shut down.

The Pančevo refinery operates with an annual capacity of 4.8 million tonnes, and its shutdown would leave the country 100% dependent on imports. In addition, the Serbian oil company operates the country’s largest fuel retail network with around 327 filling stations, so any halt in its operations would cause immediate economic disruption.

Complex ownership structure with Russian majority stake

The ownership structure of the Serbian oil company is fragmented, but Gazprom holds a majority share of more than 50%, while the Serbian state owns nearly 30%. The remaining stake is held by employees and private investors.