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NIS Refinery in Pančevo
A previously little-known Serbian businessman has submitted an offer for the Russian shares in NIS that is twice as high as MOL’s, but the story is increasingly raising suspicions, as according to a former MOL manager, tough negotiations between Budapest, Belgrade, and the Russian owners are in fact still taking place behind the scenes, reports Világgazdaság.
An unexpected twist is shaking up the negotiations for the sale of the Serbian oil giant NIS. While the Hungarian MOL Group has been negotiating the acquisition of the Russian shares for months, a virtually unknown Serbian businessman named Ranko Mimović suddenly emerged, submitting an offer of two billion euros for the Russian shares.
According to reports, this amount is roughly twice as high as MOL’s previous offer.
However, the story is far from that simple. According to former MOL manager and energy expert Attila Holoda, Mimović’s offer appears to be more of a means of exerting political and negotiating pressure than a truly serious alternative.
Péter Szijjártó with Dubravka Đedović Handanović. Photo: MTI/KKM
In a statement to the news site European Western Balkans, Holoda said: The impression is that the Serbian businessman’s offer is a “less serious alternative” that tends to further complicate an already highly politicized process. In his view, this is also indicated by the fact that Russia’s Gazprom Neft had previously signaled it would not negotiate with other companies, while the Serbian leadership had repeatedly and openly expressed its dissatisfaction with MOL’s offer.
The real debate, however, is not just about the price. For the Serbian state, the future of the refinery in Pančevo is one of the most important issues. The facility supplies around 80% of the Serbian fuel market, which is why
Belgrade considers the continued operation of the refinery at full capacity a red line.
In Serbia, there are fears that MOL—which already owns several regional refineries—could scale back operations in Pančevo in the future. Serbian Energy Minister Dubravka Đedović Handanović confirmed these fears when she stated that the Hungarian company’s current offers do not sufficiently guarantee the country’s security of supply.
The situation is further complicated by the fact that the United States imposed sanctions on NIS back in October 2025 due to Russian ownership. For this reason, the sale of the Russian shares and the restructuring of the ownership structure must be completed by May 22. Time is therefore running dangerously short.
Meanwhile, Mimović told the Serbian news portal N1 that the Russian side had, in principle, already accepted his offer. He later reported that the U.S. agency OFAC had also responded positively to his plan after several months of negotiations. However, these statements raised even more questions, particularly because Mimović’s previous business dealings in Slovenia and Croatia were accompanied by allegations of corruption and money laundering.
Speculation went so far that many already suspect political backing behind the scenes. Serbian President Aleksandar Vučić, on the other hand, stated:
he does not know Mimović and considers it out of the question that the businessman could acquire NIS.
According to Holoda, the final decision will not be based on who offers the most money. Rather, it will depend on who can guarantee stable, politically acceptable, and technically credible operations in the long term.
Therefore, the interests of three parties remain at the heart of the conflict: The Serbian state wants to maintain its influence over the country’s strategic energy system, the Russian owners are seeking the best possible exit terms, while MOL can only accept a structure that is both financially and legally viable.
Via vg.hu; Featured image: Naftna industrija Srbije NIS/Wikimedia Commons
The post Alternative Bid for NIS May Be Tied to Pressure Tactics appeared first on Hungary Today.
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