BELGRADE, May 7. /TASS/. Serbia is not satisfied with the proposal from the Hungarian concern MOL regarding the agreement between the future shareholders of the Naftna Industrija Srbije company (NIS), Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic following hours of negotiations with MOL representatives.
"We just concluded hours of negotiations with MOL representatives, and we are not satisfied with the proposal we received today. These are red lines that we, on the part of the Republic of Serbia, have stated that we will not cross," Djedovic-Handanovic wrote on Instagram (banned in Russia; owned by Meta Corporation, which is designated as extremist in Russia).
According to her, at issue is the future operation of the Pancevo refinery, crude oil refining capacity, and the mechanisms that will guarantee compliance with the agreements.
"[The problem is] how to ensure that the agreed-upon levels are met, that refined oil, that is, petroleum products, cover the Serbian market to a certain extent - primarily for the benefit of Serbian citizens and the Serbian economy," Djedovic-Handanovic noted.
She stressed that NIS occupies a key position in the country's oil sector.
"This is very important because NIS is a strategically dominant company in the oil sector, and we want to maintain it that way. However, NIS's past commitments are also important for the Republic of Serbia, as is how to ensure that they are fulfilled or that the state receives appropriate compensation," the minister said.
Djedovic-Handanovic said that Belgrade expects MOL to put forward a new proposal in the near future.
"All that remains is to wait for a new offer from MOL, and for it to arrive as soon as possible. Our interest is clear - to protect our citizens, our country, and our economy, as the Petroleum Industry of Serbia is critical energy infrastructure," the Energy Minister stated.
"To be clear, this is an agreement between the future shareholders: MOL on one side, and the Republic of Serbia on the other. That is, it concerns the obligations that MOL must fulfill as the one managing the critical energy infrastructure in Serbia," she concluded.
On situation with NIS
Earlier on Thursday, Serbian President Aleksandar Vucic stated that Belgrade expects MOL to close the deal to buy out Russia's stake in NIS by the deadline of May 22.
Serbian authorities link the need to finalize the agreements to the risks to the country's normal functioning under US sanctions. On January 19, Gazprom and MOL announced the signing of a letter of intent to sell a stake in Serbia's NIS. Serbian authorities announced an increase in their stake in the company by 5%, which will allow Belgrade to influence certain decisions at the shareholders' meeting. MOL is also in talks with the UAE's ADNOC to join NIS as a minority shareholder.
NIS owners are forced to sell their assets because they are subject to US sanctions.
In January 2025, the US Treasury Department added the Serbian company to the sanctions list along with its majority shareholder, Gazprom Neft. After several deferments, the restrictions came into effect on October 9 of that year. On November 11, 2025, the Serbian Energy Ministry announced that NIS' Russian owners had notified the United States of their willingness to transfer control of the company to a third party.
OFAC previously issued an operating license for NIS until June 16, 2026. The US Treasury Department also extended the deadline for negotiations on the purchase of a controlling stake in the Serbian company until May 22, 2026.