Serbia, close to buying NIS shares? - Government plans 1.4 billion euros for energy security
Serbia plans to allocate around 1.4 billion euros to buy unspecified financial assets in order to ensure energy stability, Tanjug news agency reports. This comes as discussions intensify over a possible deal for control of the Russian-owned oil and gas company NIS, which is sanctioned by the US.
The Serbian Progressive Party (SNS) has submitted an amendment to the 2026 budget bill that would allow for the allocation of additional funds, Tanjug reports, without citing sources. The initial amount foreseen for this purpose in the draft budget was only 5.1 million euros.
President Aleksandar Vučić said that Serbia intends to take over the management of NIS from its Russian owners and is ready to buy their shares at the "best price" if they do not reach an agreement to sell it to a third party within 50 days.
The refinery is 44.85% owned by Gazprom Neft, a subsidiary of Russian company Gazprom. The Serbian government owns 29.87%, while St. Petersburg-based Intelligence, indirectly controlled by Gazprom, has 11.3%. The rest belongs to minority shareholders.
In January, the US Treasury announced sanctions on NIS due to its Russian ownership. After several suspensions and delays, the restrictions went into effect on October 8, with the Office of Foreign Assets Control demanding the removal of the Russian owners from the refinery.
NIS announced last week that negotiations to change the ownership structure are continuing and that, based on these talks, it had again asked the US Office to extend the company's operating license.
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