Serbia has expressed support for ongoing negotiations between Russian owners of its sanctioned oil company NIS and Hungary’s MOL, aiming to find a solution to lift sanctions, local media reported.
According to Serbia’s Energy Minister Dubravka Djedovic Handanovic, the Hungarian government has backed the discussions, and the Serbian government will also support efforts to resolve the situation, News.Az reports, citing Reuters.
NIS, Serbia’s largest oil firm, is majority-owned by Russia’s Gazprom Neft, which holds 44.9%, while Gazprom has an 11.3% stake. The Serbian government owns 29.9%, with the rest held by small shareholders and employees.
President Aleksandar Vucic confirmed that MOL is in talks with Russian shareholders about a possible sale. On December 24, the U.S. Office of Foreign Assets Control (OFAC) granted NIS until March 24 to negotiate the sale of the Russian-owned stake, although it did not approve a license allowing the firm to process crude oil.
The sanctions, imposed in October as part of broader measures against Russia’s energy sector, have halted crude deliveries via Croatia’s JANAF pipeline, effectively shutting down operations at NIS’s refinery in Pancevo, the only refinery in Serbia.
The sale talks aim to navigate sanctions while ensuring Serbia’s energy supply remains secure, highlighting the ongoing challenges in the region’s energy market.