The Serbian government has officially supported negotiations between the Russian owners of the oil company NIS and the Hungarian group MOL regarding the sale of a controlling stake. The goal of the deal is to remove the country's largest energy enterprise from under the American sanctions that have paralyzed its operations. This is reported by Reuters, writes UNN.
Details
Currently, Russian "Gazprom" owns 11.3% of NIS shares, and its subsidiary "Gazprom Neft" owns 44.9%. The Serbian government's share is 29.9%. Due to OFAC sanctions imposed in October, crude oil supplies through the Croatian JANAF pipeline were halted. This led to the complete shutdown of the oil refinery in Pančevo – the only such facility in Serbia.
Government position and deal terms
Serbian Energy Minister Dubravka Đedović Handanović confirmed that Belgrade would facilitate a change of ownership to resume production. The US Office of Foreign Assets Control (OFAC) set a deadline for completing negotiations by March 24, but has not yet granted a license for the purchase and processing of oil until the ownership structure changes.
The Hungarian government has supported these negotiations, and we, as the government... will also provide support in finding a solution to lift the sanctions
Serbian President Aleksandar Vučić also confirmed the fact of direct consultations between MOL and Russian shareholders. The parties are trying to find a legal mechanism that will allow NIS to resume raw material imports and stabilize the energy market of the Balkan region.
Moscow agreed to sell its stake in Serbian company NIS after US sanctions19.11.25, 17:35