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Gazprom Neft confirms signing letter of intent with MOL to sell stake in Serbia's NIS

The Hungarian holding noted that the deal could be closed by March 31, but will require approval from the US OFAC and Serbian authorities

MOSCOW, January 19. /TASS/. Gazprom Neft confirmed the signing of a letter of intent with Hungary's MOL to sell a stake in Serbia's NIS, the Russian company told TASS.

Gazprom Neft confirms the signing of a letter of intent with MOL to sell a stake in Serbia's NIS, the company noted.

Earlier, Hungary's MOL announced the signing of a binding agreement with Russia's Gazprom Neft to acquire shares in Serbia's NIS. The Hungarian holding noted that the deal could be closed by March 31, but will require approval from the US OFAC and Serbian authorities.

MOL is in talks with the UAE’s ADNOC to join NIS as a minority shareholder, while retaining its controlling stake in the Serbian company, said MOL Group Chairman and CEO Zsolt Hernadi.

On situation around NIS

Earlier Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic announced that Gazprom and the Hungarian concern MOL have come to terms on a deal concerning NIS, one of which stipulates that Belgrade will increase its stake in the company by 5%.

According to her, the negotiators will soon present the terms of the deal to the US Treasury Department's Office of Foreign Assets Control (OFAC). She noted that "partners from the United Arab Emirates are expected to play a role in the deal adding that the transaction should be finalized no later than March 24.

NIS owners are forced to sell their assets because otherwise they will be subject to US sanctions. In January 2025, the US Treasury Department added the Serbian company to the sanctions list along with its majority shareholder, Gazprom Neft. After several deferrals, the restrictions came into effect on October 9, 2025. On November 11, 2025, the Serbian Energy Ministry announced that the Russian owners of NIS had notified the United States of their willingness to transfer control of the company to a third party. On December 31, 2025, NIS received a license from the US Treasury to continue operations until January 23, 2026.

NIS's main production facilities are located in Serbia, as well as in Bulgaria, Bosnia and Herzegovina, Hungary, and Romania. The majority shareholders are Gazprom Neft (44.85%), Serbia (29.87%), and St. Petersburg-based JSC Intelligence, managed by Gazprom Capital (11.3%).