Serbia's Strategic Decision: NIS Sale Talks Intensify as Deadline Looms

Serbia prepares to submit its final proposal on the NIS takeover to Hungarian company MOL. This follows U.S. demands for divestment due to sanctions on Russia. The sale's deadline is approaching, requiring both Serbian government and U.S. Treasury approval, with ongoing negotiations between involved parties.

In a crucial move, Serbia is set to present its final proposal to MOL regarding the takeover of its sole oil refinery operator, NIS. This decision emerges amid the U.S.'s push for divestment of Russian shares due to the sanctions imposed on Moscow's energy interests.

Serbia's energy minister, Dubravka Djedovic Handanovic, outlined the current state of negotiations. Although some progress has been made, open issues remain regarding the future operations of the refinery. MOL's decision, anticipated by Monday, hinges on these final negotiations.

The sale deadline is May 22, necessitating consent from both the Serbian government, holding a significant stake, and the U.S. Treasury’s OFAC. Negotiators express optimism for an extended timeframe to finalize the deal, contingent on major progress before the deadline.