A recently established Serbian company has launched a surprise €2 billion bid to acquire the 56.1% majority stake in NIS (Naftna Industrija Srbije) currently held by Russian energy giants Gazprom Neft and Gazprom.
The offer, made by KFT Senator Treasury G.T.7 Two LLC, introduces a new layer of complexity to the forced divestment of Russian assets in Serbia’s primary oil refiner, which is currently operating under a strict deadline imposed by U.S. sanctions.
The Challenger: Senator Treasury
The company, founded only last summer, is led by owner Ranko Mimović. In a statement to Reuters, Mimović claimed that the €2 billion offer has been “generally accepted” by the Russian owners.
The bid represents a direct challenge to the Hungarian energy group MOL, which had previously been considered the frontrunner to take over the Russian shares. Mimović also noted that he formally notified the office of Serbian President Aleksandar Vučić of his intentions on April 21, though the Presidency has not yet issued a comment.
The Sanctions Clock: OFAC Deadlines
The sale of NIS is not merely a commercial transaction but a regulatory necessity. Since October 2025, NIS has been under sanctions by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) as part of broader measures targeting the Russian energy sector following the invasion of Ukraine.
- The Ultimatum: OFAC has mandated the withdrawal of Russian majority ownership to allow the company to continue international operations.
- The May 22 Deadline: Russian entities have until May 22, 2026, to finalize the sale of their shares.
- Regulatory Review: Senator Treasury initiated proceedings with OFAC on October 30 to secure a license for the takeover. The U.S. Treasury website currently lists the request as “under review by management.”
Gazprom Neft Maintains Focus on MOL
Despite Mimović’s claims of a “generally accepted” offer, Gazprom Neft appears to be sticking to its original plan. In an emailed statement, the Russian firm clarified its position:
“Gazprom Neft is actively preparing the sale of its stake in NIS to the Hungarian company MOL. The necessary corporate and regulatory procedures are currently underway. The company is not conducting any other negotiations on this matter.”
The Ownership Stakes
The current ownership structure of NIS is divided as follows:
- Gazprom Neft: 44.9%
- Gazprom: 11.3%
- Republic of Serbia: 29.9% (The Serbian government has expressed interest in increasing its stake by an additional 5%).
- Small Shareholders/Employees: Remaining shares.
Market Implications
The emergence of a “third player” just two weeks before the OFAC deadline creates significant uncertainty for the Serbian energy market. If Senator Treasury—a private Serbian entity—were to succeed, it would effectively “nationalize” the strategic asset through private domestic capital rather than transferring control to a foreign regional power like Hungary.
However, with Gazprom Neft publicly denying negotiations with the firm, the industry is watching closely to see if the U.S. Treasury grants the necessary license to Senator Treasury, which could force a shift in the final days of the sale process.
