After several hours of talks with representatives of MOL, Serbian Energy Minister Dubravka Đedović Handanović said that Serbia cannot accept the proposal concerning the future operation of the Pančevo refinery, its crude processing capacity, and the security of supply for the Serbian market. She stressed that Serbia will not go beyond the limits it has already set.
The Serbian government considers NIS strategically important, so it insists that the Pančevo refinery must continue to supply the domestic market. It also expects previous commitments by NIS to be fulfilled, or for Serbia to receive proper compensation. The minister said Serbia expects a new offer from MOL as soon as possible.
President Aleksandar Vučić also commented on recent news about the potential sale of NIS shares. According to reports, a newly established Serbian company offered two billion euros, double MOL’s bid, for the 56.15 per cent stake in Gazprom Neft’s share of NIS. He said that Serbia will not allow a newly created company without experience in oil refining to take control of a majority stake in NIS. He added that talks with MOL are ongoing and a decision is expected next week, but warned that some actors appear to be trying to “blackmail” Serbia.
Media reports say the competing offer comes from a company called Senator Treasury G.T.7 Two LLC, founded last year. Its owner, Ranko Mimović, said the Russian side has “in principle accepted” their offer. Vučić also said that either someone experienced comes, Serbia will handle it itself, or sanctions against Russia will be lifted so others can proceed.
MOL announced in January that it had agreed on key terms with Gazprom Neft to acquire a 56.15 per cent stake. The Hungarian oil company is also in talks with the UAE oil company ADNOC about a possible minority stake in NIS. The whole process must be completed by May 22 under an OFAC licence. Vučić previously said MOL would pay around one billion euros for the shares.