Djedovic Handanovic: Serbia in talks with Hungarian side about price for 5 pct stake in NIS

WASHINGTON - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Wednesday Serbia was in talks with the Hungarian side about securing the best possible conditions for itself when it comes to resolving the issue of its oil company NIS, including the best possible price for purchasing an additional 5 pct stake in the firm, which is under US sanctions due to its Russian-majority ownership.

"We have also spoken with (Hungarian Minister of Foreign Affairs and Trade Peter) Szijjarto and top executives of MOL (a Hungarian oil firm set to acquire the Russian stake in NIS), we have an interest in increasing our stake, and there is agreement on that. We are currently negotiating the details of such a transaction, above all, the price of additional shares. Our goal is to achieve the best possible price for our country. The talks are very intensive, and very difficult when it comes to some of the topics, but our goal is to get the results by the deadline issued by the US administration, which is March 24, and we will not stop until we agree all the details, and the objective is to protect the interests of our country and our citizens," Djedovic Handanovic told Tanjug in Washington, where she met with Szijjarto and the executive director of the US National Energy Dominance Council Jarrod Agen.

"It is important that we continue to work on the NIS talks," she said.

The minister said that, in parallel, talks were also underway about a Serbia-Hungary inter-state agreement to secure better conditions for Serbia to purchase an additional 5 pct stake in NIS.

"We will also continue discussions with MOL and make them more concrete within the framework of the necessary legal documents," Djedovic Handanovic said.

She also said continued operations of Serbia's Pancevo oil refinery in its full capacity were of great importance.

A licence issued by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury for the completion of talks on changes in the ownership structure of NIS expires on March 24.