site.btaSerbian President Expects Russian NIS Stake Sale to Conclude Before May 22

Serbian President Aleksandar Vucic said Thursday that he expects negotiations on the sale of the Russian stake in Serbia’s sole oil company NIS (Naftna industrija Srbije) to Hungary’s MOL (the Hungarian Oil and Gas Plc) to be completed before May 22. He added that fuel from state reserves will be provided to oil sector workers.

“We believe MOL and Gazprom Neft will finalize the deal by May 22,” Vucic told public broadcaster RTS.

MOL recently received US approval to continue talks for acquiring a majority shareholding, with the deadline extended to May 22. In December, the US Office of Foreign Assets Control gave NIS until March 24 to negotiate the sale of shares held by Russian firms Gazprom and Gazprom Neft, representing 44.9% and 11.3%, respectively.

Vucic highlighted that despite nearly 18 months of sanctions, NIS’s refinery remains operational.

MOL signed a binding agreement in January to buy the Russian shares, with Abu Dhabi National Oil Company (ADNOC) taking a minority stake. US sanctions on NIS took effect in October 2025, requiring the Russian majority stake to be reduced to zero.