The prospective buyer remains under wraps, with the Serbian side emphasizing the sensitivity of ongoing negotiations. In a pivotal move amid escalating U.S. sanctions, Russia’s Gazprom Neft and Gazprom have agreed in principle to sell their combined 56.15% controlling stake in Naftna Industrija Srbije (NIS), the state-linked oil and gas giant that dominates Serbia’s energy sector, according to Serbian Energy Minister Dubravka Đedović Handanović.
The announcement, made during an interview on state broadcaster RTS, signals a potential shift in ownership for NIS – just weeks after Washington imposed penalties that threatened to halt the company’s operations and fuel supplies across the Balkans.
The prospective buyer remains under wraps, with the minister emphasizing the sensitivity of ongoing negotiations.
“These are business talks between serious companies,” Đedović Handanović said. “Until they are completed or at least the most important details are defined, it is not serious to talk about it.”
While no third-party name has been revealed, Serbian President Aleksandar Vučić has hinted at domestic interest, stating that Belgrade is prepared to “overpay” for the stake to reclaim full control and avert a looming energy crisis.
Vučić’s comments, delivered on 16 November, underscore Serbia’s strategic imperative: securing the Pancevo refinery’s future without Russian ties that have drawn international scrutiny.
A timeline of sanctions and supply strains
NIS, which refines over 80% of Serbia’s petroleum products and operates a network of gas stations and pipelines, has been majority Russian-owned since 2009, when Gazprom Neft acquired a 51% stake for €400 million in a deal that bolstered Serbia’s energy infrastructure but tied it to Moscow’s orbit.
Gazprom Neft holds 44.85%, with Gazprom owning an additional 11.3%, while the Serbian government retains 29.9% and minor shareholders the rest.
Tensions escalated on 9 October, when the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) slapped sanctions on NIS as part of broader measures targeting Russia’s energy sector over its invasion of Ukraine. The penalties froze bank transactions, blocked access to global finance, and severed crude oil imports – critical for the Pancevo facility, vital for Serbia with its capacity at 4.8 million tons annually.
The fallout was immediate. Deliveries via Croatia’s JANAF pipeline – Serbia’s primary conduit for Russian crude from the Croatian port of Rijeka – halted entirely, with no oil flowing for 43 days.
This disruption stemmed from secondary sanction fears gripping European partners, who risked penalties for maintaining business with a sanctioned entity.
With refinery stocks projected to last only until 25 November,, urgency mounted. NIS, acting through U.S.-based lawyers, has since filed a fresh application to OFAC for a special operating license to resume crude imports and stabilize supplies.
Đedović Handanović stressed Belgrade’s commitment to openness: “Nothing is being hidden from the public. As you have seen, we have communicated very transparently about everything so far. Our request is clear: that the refinery must continue operating and that a new supply of crude oil be secured as soon as possible.”