Serbia intensifies pressure on Hungary's MOL in NIS negotiations, eyes fallback options

Serbia is negotiating with Hungary's oil group MOL over the ownership structure of Naftna Industrija Srbije (NIS). Belgrade wants to increase its stake in NIS by an additional 5 percent, arguing that a larger share would give the country strategic influence over the refinery and broader energy security. The talks are entering a critical phase, with the U.S. Office of Foreign Assets Control (OFAC) setting a final deadline of 22 May for submitting the required documentation.

Serbian energy minister Dubravka Đedović Handanović warned that if the negotiations fail, Serbia has "plan B" and "plan C" ready. Options under consideration include a forced purchase of the Russian‑owned portion of NIS, finding a new buyer such as the United Arab Emirates’ ADNOC, or even nationalising the company at market price. Experts note that any forced takeover could strain Serbia’s relations with Russia, while a new investor appears unlikely at present. The outcome of the talks will shape the future operation of the Pančevo refinery, a key asset for domestic fuel supply, employment and industrial growth.