With only a few days remaining before the deadline set by the US Office of Foreign Assets Control (OFAC), uncertainty continues over the future ownership structure of Serbian oil company NIS, as Serbian authorities remain dissatisfied with the proposed solutions from MOL Group.
The United States previously extended NIS’s operational license until 16 June, but OFAC also imposed a firm deadline of 22 May for the completion of the sale of the Russian-controlled 56.15% stake in the company. The requirement is intended to avoid the introduction of sanctions linked to Russia’s energy sector.
Negotiations between Serbian officials and MOL have intensified after the Hungarian company signaled in April that it would keep the Pančevo refinery operating in the long term if it acquired a majority stake. However, despite these assurances, Serbia’s Minister of Mining and Energy Dubravka Đedović emphasized that key concerns remain unresolved, particularly regarding refinery operations and long-term domestic fuel supply security.
Serbian concerns are reportedly influenced by previous regional cases involving MOL refinery assets. Officials and energy analysts fear a scenario similar to the shutdown of the Sisak refinery in Croatia, which could potentially impact the Pančevo refinery that currently covers around 95% of Serbia’s petroleum product demand.
Minister Đedović stated that Serbia will not accept any arrangement that could endanger national energy security or reduce the strategic importance of domestic refining capacity for the wider economy.
According to local media reports, discussions between Serbia and MOL are expected to continue in the coming days as both sides attempt to reach a compromise before the sanctions deadline expires.
