Serbia’s openness to offering a higher price to Russian shareholders to regain control of oil and gas company NIS has stirred debate over the potential financial burden on the state budget, Radio Free Europe/Radio Liberty reported.
President Aleksandar Vučić said Serbia may bid above competing offers if Russia fails to close a deal with other investors, a position confirmed by Finance Minister Siniša Mali.
NIS officials said there is no formal valuation of the company but noted that around €4.8 billion has been invested since 2009, primarily in exploration, production and refinery upgrades. Serbia sold 51% of the company to Russia’s Gazprom Neft in 2008 for €400 million and now owns roughly 29.9%, while Russian shareholders hold the majority stake.
Trading of NIS shares was suspended on the Belgrade Stock Exchange in January, making valuation uncertain. At that time, the company’s market capitalisation was about €1 billion, a figure that could serve as a reference point, though analysts argue a controlling stake typically commands a premium.
NIS was added to the U.S. sanctions list in October due to its Russian ownership. The company reported a €2.5 million loss in the first nine months of the year, citing sanctions impacts, lower crude prices and petrochemical losses, though it has recorded profits in most years since 2017 except during the pandemic.
Analysts say the value of NIS may be higher in the long term because it dominates about 80% of Serbia’s oil products market and operates across the entire supply chain — from exploration to fuel retail — with over 400 fuel stations in Serbia and neighbouring countries. They warned, however, that the issue has moved beyond economics into geopolitical territory, making resolution more complex, especially given Serbia’s continued energy dependence on Russia and lack of alignment with EU sanctions.