Serbia remains committed to keeping NIS under its control as negotiations involving MOL Group progress, Mining and Energy Minister Dubravka Đedović said. She added that Serbia has reaffirmed NIS’s role as a key pillar of the domestic fuel market while discussions continue over a potential acquisition of the Russian ownership stake by MOL.
MOL negotiations and shareholder agreement discussions
Đedović said discussions have intensified over the past week, with several rounds of negotiations and exchanges of draft shareholder agreements between the parties. She reported progress in narrowing differences and said expectations have increased for a mutually acceptable solution. MOL’s position, she added, is focused on securing greater operational flexibility within its wider corporate structure.
At the same time, Đedović emphasized that Serbia’s priority remains unchanged: ensuring NIS continues to play a dominant role in the national energy system. The minister did not provide additional details on the specific terms under discussion beyond the operational flexibility point raised by MOL.
Pančevo refinery utilization and modernization
Serbia’s strategy includes maintaining high utilization of the Pančevo refinery, with the aim of prioritizing domestic fuel processing rather than increasing dependence on imported petroleum products. Đedović said the refinery’s modernization was completed during a major overhaul in 2024. She described that modernization as a foundation for long-term market stability.
Serbia–Hungary oil pipeline permitting and timeline
The government also considers new infrastructure projects important for strengthening supply security, Đedović said. She highlighted the planned Serbia–Hungary oil pipeline as a strategic diversification project intended to add an additional route for crude oil deliveries. Permitting procedures are advancing well, and an agreement with contractors is expected soon.
Đedović said construction is planned to begin after the summer period, with completion targeted for 2028. She added that the pipeline would reduce Serbia’s reliance on crude imports transported exclusively via Croatia and the JANAF system. The project is also intended to strengthen integration with Central and Eastern European energy corridors through Hungary.
OFAC approval for talks on Russian NIS stake
MOL Group confirmed it has received approval from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to continue negotiations on acquiring the Russian stake in NIS until 6 June. The company said several remaining conditions still need to be finalized in the coming weeks. It also noted that a previous deadline for concluding an agreement with Gazprom Neft was set for 22 May.
