US renews operational license for Serbia's NIS
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has extended the operational license of Serbia's Oil Industry (NIS) by another 30 days, Serbian Minister of Mining and Energy Dubravka Đedović Handanović announced.
"We have just been informed by OFAC that the operational license allowing NIS to continue operating has been extended for another 30 days, until July 31. This means the Pančevo Refinery can continue processing crude oil, which is particularly important amid the global energy crisis," the minister wrote on Instagram.
As in previous extensions, the additional validity period will also allow the JANAF (Adriatic Oil Pipeline) to continue delivering crude oil to the NIS refinery without disruption, CE Report quotes FENA.
NIS, in which Russian interests hold a 56.15% stake, is subject to U.S. sanctions targeting Russia's energy sector, introduced in early 2025.
On June 26, NIS submitted a new request to the U.S. Treasury Department seeking another extension of its license, arguing that continued authorization is essential to ensure a stable supply of petroleum products to the Serbian market.
According to a statement published by MOL Group on the Budapest Stock Exchange website in mid-June, the company received "official authorization from OFAC to continue negotiations on the acquisition of a majority stake in NIS until July 1."
Earlier, on June 16, Minister Đedović Handanović signed a shareholders' agreement with MOL Group regarding the future governance of NIS. The agreement will take effect if MOL and Gazprom Neft reach a deal and it is approved by OFAC.
The agreement also предусматривает that Serbia will acquire an additional 5% stake in NIS, while guaranteeing the operation of the Pančevo refinery for at least 10 years at the production capacity it maintained during the four years preceding the introduction of U.S. sanctions in early 2025.
The Serbian government currently owns 29.9% of NIS, according to Hina.
Photo NIS
