Serbia's U.S. sanctioned and Russian controlled sole refiner NIS said on Thursday it has entered into a share purchase agreement to sell its entire equity interest in its Romanian subsidiary, NIS Petrol Romania.
The board of directors approved the sale of NIS Petrol Romania during the second quarter of 2026, NIS said in its financial statement for the period, without disclosing the purchasing party.
NIS also said the sale process of NIS Petrol Bulgaria remains ongoing, adding that both transactions are subject to the agreed conditions being met, including obtaining the necessary licences from the U.S. Office of Foreign Assets Control (OFAC).
In February last year, NIS said it was considering withdrawing from Romania due to difficulties its upstream and downstream operations face there, and from Bulgaria, where downstream operations were facing challenges.
In Romania, NIS has 19 petrol stations under the Gazprom brand and is also involved in oil and gas exploration and production, while NIS Petrol Bulgaria operates 23 fuel retails sites, also under the Gazprom brand.
Apart from Serbia, Romania, and Bulgaria, NIS is also active in Bosnia and Herzegovina. It owns 384 active retail sites, with 327 of the total located in Serbia. The company employs more than 13,500 people.
NIS is 44.85% owned by Gazprom Neft. Serbia's government holds a 29.87% stake, and St. Petersburg-based Intelligence, a company indirectly controlled by Gazprom, has 11.3%.
The remainder belongs to a number of minority shareholders.selling to MOL Group will allow Shell to capture the value created, while the remaining project partners work towards a final investment decision.
The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.
More details Serbia's NIS agrees to sell Romanian unit | Southeast Europe Deals News | SeeNews
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