The Serbian oil company NIS officially announced a complete withdrawal from the Bulgarian market, which is a direct result of complex geopolitical and economic challenges. The strategic withdrawal was confirmed in the company's financial report for the first half of the current year.
At the moment, NIS owns a chain of 22 gas stations in Bulgaria, operating under the "Gazprom" brand. The company's market share in the fuel sector is relatively modest - just 2.6% of the total market and 1.9% of the retail market.
The decision comes against the backdrop of the complex international situation related to the Russian invasion of Ukraine. The US Department of the Treasury has repeatedly postponed planned sanctions against NIS, with the latest postponement being only one month, instead of the initially requested 180 days.
NIS's ownership is extremely indicative of its geopolitical sensitivity. Around 45% are owned by Gazprom Neft, 11% by Gazprom, and nearly 30% by the Serbian government. The remaining shares are distributed among small shareholders.
The company manages the only oil refinery in Serbia, located in Pančevo near Belgrade, with an impressive annual capacity of 4.8 million tons, which covers the predominant part of national fuel needs.
In an attempt to avoid direct sanctions, Gazprom Neft transferred about 5.15% of its shares to Gazprom on February 26. In parallel, NIS undertook personnel changes, selecting a new chairman and vice-chairman of the Board of Directors representing the Serbian government.
The current procedure also includes the selection of two independent members of the Board of Directors, which is directly related to the requirements of the US Office of Foreign Assets Control (OFAC).
Gazprom's initial investment in NIS was made in 2008 when the Serbian state sold 51% of the company for 400 million euros - a deal that today acquires a completely different geopolitical context.