Serbia is negotiating the future of its largest energy company - and the nerves are showing. Mining and Energy Minister Dubravka Djedovic Handanovic spoke up past midnight, right after meeting MOL Group CEO Zsolt Hernadi, with one sentence that says more than any full report: "There are red lines we cannot cross."

What red lines? The minister pointed out that the Pancevo refinery must continue operating at full capacity. Beyond that, she demanded MOL take over or replace commitments NIS made in the past that are significant for the Republic of Serbia. Which commitments exactly - she didn't specify.

Future management of the company was also discussed. Negotiations continue in the coming days in Belgrade, while MOL simultaneously negotiates with Gazpromneft and Gazprom.

So: MOL, the Hungarian energy giant, is negotiating to buy NIS while Russian shareholders are still in the game and Western sanctions complicate every move. Serbia is trying to maintain control of a strategic resource while not upsetting Moscow, Budapest, or Brussels. Balkan energy acrobatics in their purest form.