Serbia is negotiating with MOL regarding the acquisition of NIS

Serbia plans to convey its final position to the Hungarian energy company MOL regarding the possible acquisition of a majority stake in Naftna Industrija Srbije (NIS). A response from the Hungarian company is expected early next week, Energy Minister Dubravka Dedovic Handanovic said.

MOL’s board of directors is scheduled to decide on the proposal on May 18. This follows several days of intensive talks during which both sides narrowed their differences, though key points of contention remained unresolved.

“We have agreed on some points, but important questions remain open—in particular, the future operation of the refinery in Pančevo and ensuring supply to the Serbian market,” Dedovic Handanovic told the Tanjug news agency.

Pančevo Refinery Remains a Point of Dispute

The refinery in Pančevo covers the majority of Serbia’s fuel needs and is considered a central point of contention in the negotiations. Belgrade is demanding guarantees regarding processing capacity as well as the security of supply for the domestic market.

MOL is currently in exclusive talks regarding the acquisition of 56.15 percent of NIS shares from the Russian conglomerate Gazprom Neft and another company affiliated with Gazprom. The Russian owners are under pressure to sell their stakes due to U.S. sanctions set to take effect in 2025.

According to the Office of Foreign Assets Control, the transaction must be completed by May 22. This leaves little time for a final agreement.

New interested parties bring momentum to the talks

Negotiations recently stalled after Serbia rejected a revised offer from MOL on May 13. According to the government, the proposal did not guarantee sufficient supply to the domestic market from the refinery in Pančevo.

At the same time, new potential buyers have emerged. Serbian entrepreneur Bogoljub Karic stated that a consortium named Tesla Energy is prepared to submit an “irresistible” offer for NIS. The goal is to keep ownership and profits within the country.

Previously, businessman Ranko Mimovic had claimed to have prepared an offer worth two billion euros. According to him, this offer is supported by Russian interest groups and has also received positive signals from the U.S.

Experts doubt alternative bids

Analysts, however, expressed doubts about the credibility of such offers. In the case of a takeover of a strategically important energy company, financial transparency, regulatory stability, and operational experience are particularly crucial.

Former MOL manager Atila Holoda explained that it is not just about the purchase price, but also about the ability to ensure “stable, politically acceptable, and professional leadership” of the company.

While President Aleksandar Vucic welcomed the emergence of new interested parties, he made it clear that talks with MOL remain a priority. An agreement is possible, provided a solution is found regarding the operation of the refinery.

However, the final outcome depends largely on the Russian owners of NIS and their willingness to sell. The Serbian government itself holds only 29 percent of the company’s shares.