Hungary's MOL Group could buy a stake in Serbia's NIS refinery, majority owned by Russia, and talks are ongoing about the possibility, the chief of staff of Hungarian Prime Minister Viktor Orban said on Thursday.
Serbia needs to find a buyer for NIS, which is under U.S. sanctions because of its Russian ownership. These have halted supplies of crude oil from Croatia's JANAF pipeline.
Belgrade has warned that Serbia's only oil refinery will have to shut this week, unless the sanctions are postponed.
Orban, who is scheduled to meet President Aleksandar Vucic during a visit to Serbia, said in a Facebook post that "Hungary will do everything to help Serbia's fuel supply," without giving any details.
But his chief of staff, Gergely Gulyas, told a briefing that, "There could be an opportunity for a normal market transaction, but these talks are currently underway. Let me say again, it is in the interest of ... NIS that Russian ownership should end."
"One option here is for MOL to take on a greater role," said Gulyas, adding that Hungary is "willing to consider" helping with the transaction if it is needed.
Vucic said on Tuesday that Belgrade would give the Russian owners of NIS – Gazprom Neft and Gazprom – 50 days to sell their stake in NIS or the government would take over operations and make an offer to buy them out.
Gazprom Neft holds 44.9% of NIS, and Gazprom holds 11.3%. Serbia owns 29.9%, with the rest held by small shareholders.
Hungary's Foreign Minister Peter Szijjarto said on Wednesday that MOL would deliver two and a half times more crude oil and fuel than usual in December to Serbia.
