Plenković: For Janaf, MOL’s takeover of NIS is desirable, the Rijeka refinery should be secured

Answering a journalist’s question after the session of the Presidency and the HDZ National Committee, how the agreement between MOL and Gazprom Neft regarding NIS will affect Janaf, Plenković assessed that “it will have a very good effect in the immediate future”.

He reminded that as of February 2025, US sanctions covered about 250 different legal entities, including NIS, which is majority owned by the Russian company Gazprom Neft.

“Due to such an ownership structure, NIS, which has a refinery in Pančevo, found itself in problems. Through Janaf, the refinery in Pančevo receives more than 90 percent of crude oil, which comes to Omišalj by tankers, then goes into the pipeline and comes to Serbia, where it is processed. We succeeded together with our partners, so not only the company Janaf and the Croatian government, but in discussions with representatives of NIS, and especially with representatives of the Government of Serbia. and with the actors who represented us in Washington, to postpone the implementation of that package of sanctions until the beginning of October. In the meantime, that guillotine fell”, Plenkovi said.

Namely, from that moment on, NIS could no longer obtain non-Russian oil via Janaf due to its ownership structure. He also pointed out that Serbia had known about this topic for years and that they had a very clear suggestion to change the structure of the Valsnistka.

“After a lot of ups and downs, complicated and not necessarily known to us in all segments, we came to a situation where the majority owner of NIS decided to sell his shares to MOL, whether with MOL and someone else, we will still see how NIS would get out of the sanctions regime in that way. The moment it exits the sanctions regime, transportation is automatically approved as well non-Russian oil to Serbia via Janaf, which means that Janaf will continue to consume and transport oil in that way. That is what is good, what will happen in the future, it is difficult to say at this moment,” Pelekovi concluded.

When asked by a journalist whether MOL’s expansion into the Serbian market could affect the Rijeka refinery, which is owned by INA, and in which the majority owner is also MOL, Plenkovi; said that it is “a matter that will be discussed in the future”.

“Croatia’s position is limited only as a co-owner within INA, which is one of the decisions that, from the point of view of the prime minister who had to overcome many challenges during the energy crisis, limited the room for maneuver. However, fortunately, we were able to rely on HEP and provide support to the economy and citizens in other ways. It is likely that those who made these decisions had the experience and intelligence of today, that they probably would never have sold to INA, not to MOL, but to anyone. So that’s today’s experience,” Plenkovi said.

He reminded that his Government requested a serious valuation of the company, that they offered a price for a stake in INA, but MOL did not accept that valuation. “However, this circumstance will require us to talk with representatives of MOL, with Hungary, and to ensure that the refinery in Rijeka should work. It can process practically all the oil that Croatia needs,” Plenkovi said, adding that there are no announcements that it would be otherwise.

Signed a binding agreement to take over 56.15 percent of NIS

MOL Group reported on Monday that they have signed a binding agreement on the main provisions with Gazprom Neft for the acquisition of its 56.15 percent stake in the Oil Industry of Serbia (NIS), which includes obtaining regulatory approvals, and that the purchase agreement is expected to be signed by the end of March.

Upon completion of the transaction, MOL will assume significant shareholder responsibilities and control rights in the company that manages the only refinery in Serbia, in order to further strengthen its presence on the Central European and Southeast European energy market. In addition to the oil refinery in Pančevo, NIS also owns a retail network and a portfolio of oil and gas exploration and production, they stated in the press release.

The transaction, which will be completed after meeting the conditions from the main provisions of the agreement, including obtaining the necessary regulatory approvals, will be able to ensure long-term, stable operations of the refinery in Pančevo and related business units, as well as continuous supply of energy markets in the region, they pointed out.