Serbia ready to buy Russian shares of NIS - But Russia prefers selling the company to foreign partners
Serbian President Aleksandar Vučić has proposed that Belgrade buy the Russian-owned share of the oil company NIS, but the idea was met with little enthusiasm, Serbian media reported.
Vučić made the proposal during a meeting with Gazprom Neft executives and Russian energy officials. According to media reports, Vučić said that "when the situation at the international level returns to normal, the shares will be restored again."
But the Russian side did not support this proposal and is more inclined to sell its share to a third party, possibly the Americans, the media said.
Earlier, Vučić had said that US sanctions on NIS, which came into effect on October 8, were inevitable. "There will be problems with crude oil, but we have sufficient reserves," he said, adding that the refinery in Pancevo could operate without oil supplies until November 1.
NIS, a subsidiary of Russia's Gazprom Neft, was included in the US sanctions list in early 2025. In this context, Vučić said that the US is demanding the complete withdrawal of Russian capital from NIS. He also added that the Serbian government gave control to Gazprom Neft in 2008, and over the years the Russian company has contributed to generating significant revenues for the Serbian budget, as well as to the development of many projects.
Currently, the main shareholders of NIS are Gazprom Neft with 44.85% and the Serbian authorities with 29.87%, while 11.3% of NIS shares belong to JSC Intelligence, managed by Gazprom Capital LLC, which covers the financial investments of the Gazprom Group.
NIS is the only company in Serbia engaged in the exploration and production of hydrocarbons. The company has a large oil refinery in Pančevo and dominates the Serbian oil products market. It also owns a network of more than 400 gas stations in Bosnia and Herzegovina, Bulgaria and Romania.
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