Gazprom Neft continuing negotiations on NIS, a difficult deal that needs time - Gazprom Neft CEO

MOSCOW. June 25 (Interfax) - Gazprom Neft is continuing negotiations on the sale of Serbia's Naftna Industrija Srbije (NIS), a difficult deal that needs time, Gazprom Neft CEO Alexander Dyukov said during the company's annual general shareholders meeting.

"We are currently conducting negotiations on the sale of the assets; this is a difficult deal and it will take time for an agreement to be reached. The process continues," he said.

NIS is the only company in Serbia that explores for and produces hydrocarbons. The company has a large oil refinery in Pancevo with capacity of 4.8 million tonnes per year, and it dominates Serbia's market for petroleum products. NIS also has a chain of more than 400 filling stations in Bosnia and Herzegovina, Bulgaria and Romania.

As reported, Hungary's MOL previously reached an agreement with Gazprom Neft to purchase 56.15% of Serbia's NIS. MOL could subsequently sell a minority stake in NIS to Abu Dhabi National Oil Company (ADNOC). Furthermore, Serbia could increase its stake in NIS by five percentage points in the future.

NIS is currently majority owned by Gazprom Neft at 44.85%, with another 11.3% held by JSC Intelligence, which is managed by Gazprom Capital LLC. Gazprom directly owns one NIS share. The Serbian government owns 29.87% of NIS, and the Serbian company also has minority shareholders.

NIS, a subsidiary of Gazprom Neft, was included in the U.S.' Specially Designated Nationals and Blocked Persons (SDN) List in early 2025. Serbian President Aleksandar Vucic at the time said that the U.S. was demanding the complete withdrawal of Russian capital.