Serbia Gives Offer for NIS to the Hungarians - MOL Must Respond by Monday

Serbia will submit its offer regarding NIS to MOL by the end of the day, and the Hungarian company is expected to respond by Monday, Minister Dubravka Djedovic Handanovic confirmed from Athens during the ministerial energy summit of four regional countries.

Regional energy cooperation and the improvement of gas infrastructure are the focus of the meeting of energy ministers from several countries taking place in Athens. The main topics include market integration, new interconnections, and ensuring security of supply amid the global energy crisis.

Minister of Mining and Energy Dubravka Djedovic Handanovic told RTS from Athens that talks with representatives of MOL have continued and that there has been some progress.

- Talks were held yesterday and the day before yesterday as well... There has been progress on certain issues, which is good. However, final alignment is still needed regarding the issue concerning the operation of the refinery in Pancevo, the minister stated.

As she added, Serbia will present its final proposal shortly.

- We will submit our final proposal today by the end of the day, and then MOL’s board of directors will make a decision on that proposal on Monday, Djedovic Handanovic said.

She emphasized that the goal is to protect the country’s economic interests and security of supply.

- Our goal is clear — to protect the interests of our country... and there can be absolutely no compromise when it comes to the impact of the refinery’s operation on our economy, the minister stressed.

Speaking about the deadline for reaching an agreement, she pointed out that the outcome also depends on international factors.

- This will primarily depend on the American administration, but also on the Russian majority owner, she said.

She recalled that Serbia, despite the challenges, managed to preserve market stability.

- At no point did we experience shortages, nor did we jeopardize security of supply, the minister emphasized.

As a reminder, the MOL Group signed the main provisions of a binding Heads of Agreement in January with Gazpromneft regarding the purchase of a 56.15 percent stake in the Serbian company Oil Industry of Serbia (NIS).

In April, MOL announced that it would retain the refinery in Pancevo in the long term if it becomes the majority owner.

According to the negotiation license issued by the U.S. Office of Foreign Assets Control (OFAC), the entire process should be completed by May 22.

NIS a.d. Novi Sad

MOL Serbia d.o.o. Beograd

MOL Hungarian Oil and Gas Budapest

Ministarstvo rudarstva i energetike Republike Srbije

MOL

NIS

Gazprom Neft

OFAC

Ministry of Mining and Energy

Dubravka Djedovic Handanovic

Pancevo refinery