Croatian Prime Minister Andrej Plenkovic stated that the planned transaction between Hungarian MOL and Russian GazpromNeft over the sale of a majority stake in Serbian NIS is expected to have a positive short-term impact on the pipeline operator JANAF. However, he cautioned that the longer-term effects remain uncertain and will require ongoing dialogue with MOL to ensure the continued operation of the Rijeka refinery.
Plenkovic recalled that, since February 2025, US sanctions were expanded to cover around 250 legal entities, including NIS, which remains majority-owned by GazpromNeft. As a result, the Pancevo refinery in Serbia faced significant constraints, given that over 90% of crude oil processed there is transported via JANAF, arriving by tanker to Omisalj before being sent through the pipeline to Serbia.
According to the Prime Minister, Croatia, together with its partners, conducted extensive talks with NIS, the Serbian Government, and representatives in Washington to delay the implementation of sanctions until early October. Despite these efforts, the sanctions ultimately took effect, cutting off the supply of non-Russian crude to NIS via JANAF. From that point on, NIS could no longer receive alternative crude oil through the Croatian pipeline due to its ownership structure.
Plenkovic noted that Serbia had been aware of this risk for years and had repeatedly been advised to adjust NIS’s ownership to avoid such outcomes. After a prolonged and complex process, much of which occurred outside Croatia’s direct insight, GazpromNeft decided to sell its stake in NIS to MOL, potentially alongside additional partners. This move aims to lift NIS out of the sanctions regime, after which non-Russian crude flows through JANAF to Serbia could resume, honoring existing contracts.
The Prime Minister emphasized that this scenario would be beneficial in the short term, while the longer-term implications remain open. When asked whether MOL’s expansion in the Serbian market could affect the Rijeka refinery, where MOL also holds a controlling stake via INA, he stated that this would need to be addressed in future discussions.
Plenkovic underlined that Croatia’s position is limited as a minority shareholder in INA, which constrained the government’s room for maneuver during the energy crisis. Reflecting on past decisions, he said that, in hindsight, the sale of INA shares would likely have been approached differently, regardless of the buyer.
The Prime Minister also recalled that the government had commissioned a valuation of INA and submitted a purchase offer for MOL’s stake, which was ultimately rejected. In light of current developments, he stressed that new talks with MOL and the Hungarian Government will be necessary to ensure the continued operation of the Rijeka refinery, which has the capacity to process nearly all of Croatia’s crude oil needs. He concluded by noting that there are currently no indications that the refinery’s operation is at risk.