Serbia presses MOL for changes as OFAC deadline approaches for NIS ownership restructuring

With only days left before a US Office of Foreign Assets Control (OFAC) deadline, Serbia’s plans to reshape the ownership structure of oil company NIS remain uncertain. Serbian authorities say they are not satisfied with the solutions proposed by MOL Group, even as negotiations intensify ahead of the required transaction timetable.

OFAC deadlines raise the stakes for NIS

The United States previously extended NIS’s operational license until 16 June. However, OFAC also set a firm deadline of 22 May for completing the sale of the Russian-controlled 56.15% stake in the company. The condition is designed to prevent sanctions tied to Russia’s energy sector from being introduced.

Talks focus on refinery operations and fuel security

Negotiations between Serbian officials and MOL have accelerated since April, when the Hungarian company indicated it would keep the Pančevo refinery operating long term if it acquired a majority stake. Despite those assurances, Serbia’s Minister of Mining and Energy Dubravka Đedović said key concerns remain unresolved, particularly around refinery operations and long-term domestic fuel supply security.

Past regional experience shapes Serbian caution

Serbian concerns are reportedly influenced by earlier regional cases involving MOL refinery assets. Officials and energy analysts have raised fears of an outcome similar to the shutdown of Croatia’s Sisak refinery, which they say could affect Pančevo—currently supplying roughly 95% of Serbia’s petroleum product demand.

Serbia signals it will not trade away strategic refining capacity

Đedović said Serbia will not accept any arrangement that could endanger national energy security or reduce the strategic importance of domestic refining capacity for the wider economy.

Local media reports indicate discussions between Serbia and MOL are expected to continue in the coming days as both sides work toward a compromise before the sanctions deadline expires.