Serbia has reaffirmed its commitment to keeping NIS a key pillar of its domestic fuel market, while negotiations continue over a potential acquisition of the Russian ownership stake by Hungary’s MOL Group, Mining and Energy Minister Dubravka Đedović said.
The Minister stated that discussions have intensified over the past week, with several rounds of negotiations and exchanges of draft shareholder agreements between the parties. According to her, progress has been made in narrowing differences, increasing expectations that a mutually acceptable solution could be reached.
She noted that MOL’s position is primarily focused on securing greater operational flexibility within its wider corporate structure. At the same time, she emphasized that Serbia’s priority remains unchanged — ensuring that NIS continues to play a dominant role in the national energy system.
A key element of Serbia’s strategy is maintaining high utilization of the Pančevo refinery, with the goal of prioritizing domestic fuel processing rather than increasing dependence on imported petroleum products. The Minister stressed that the refinery’s modernization, completed during a major overhaul in 2024, provides a strong foundation for long-term market stability.
The government also considers new infrastructure projects essential for strengthening supply security. Minister Đedović highlighted the planned Serbia–Hungary oil pipeline as a strategic diversification project that would introduce an additional route for crude oil deliveries.
She said permitting procedures for the pipeline are advancing well and that an agreement with contractors is expected soon. Construction is planned to begin after the summer period, with completion targeted for 2028.
The new pipeline would reduce Serbia’s reliance on crude imports transported exclusively via Croatia and the JANAF system, while strengthening integration with Central and Eastern European energy corridors through Hungary.
Meanwhile, MOL Group confirmed that 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 stated that several remaining conditions still need to be finalized in the coming weeks, noting that the previous deadline for concluding an agreement with Gazprom Neft was set for 22 May.
