Gazprom Neft confirmed on Friday that it is engaged in exclusive negotiations with Hungary’s largest oil and gas company, MOL, concerning a potential sale of its equity interest in NIS, the operator of Serbia’s only oil refinery. The statement was delivered by Gazprom Neft CEO Alexander Dyukov.
Last month a newly established Serbian firm named Senator disclosed a proposal to purchase the combined Russian holdings in NIS for 2 billion euros. That offer addressed the combined 56.2% ownership held by Gazprom Neft and Gazprom.
NIS was placed under U.S. sanctions in October as a result of its Russian ownership. Those measures formed part of a broader U.S. response targeting elements of Moscow’s energy sector following its invasion of Ukraine. The U.S. government has been publicly supportive of a divestment of the Russian stake in NIS.
Amid those developments, MOL sought a one-month extension from the U.S. government on Wednesday to the June 6 deadline that governs the timeline for finalizing discussions related to acquiring the Russian stake in NIS.
The current ownership structure of NIS is as follows: Gazprom Neft holds 44.9% of the company, Gazprom owns 11.3%, and the Serbian government controls 29.9%. The remainder of shares are held by small shareholders and employees.
This confirmation of exclusivity between Gazprom Neft and MOL does not, in itself, indicate a completed transaction. It specifies that negotiations are currently confined to MOL as the counterparty. The presence of an alternate offer from Senator and the standing U.S. sanctions are factors already in the public record and noted by the parties involved.
Given the ownership split and the regulatory overlay described above, the process includes both commercial and governmental dimensions. MOL’s request for an extension to the U.S. deadline indicates that further time is being sought to resolve outstanding aspects of the proposed transfer of the Russian-held interest in NIS.
Market context note: The situation involves cross-border ownership, active offers from multiple bidders, and a sanctions framework that has prompted calls for divestment - all elements that influence how this negotiation may proceed and how stakeholders monitor the outcome.