NIS CEO: There is still a possibility of obtaining an operating license from OFAC

The CEO of Naftna industrija Srbije (NIS), Kirill Tyurdenev, addressed employees on Friday and announced that there was still a possibility that the company would receive a license for uninterrupted operation from the Office of Foreign Assets Control (OFAC) of the US Treasury Department, while negotiations on changing the ownership structure of the company were ongoing.

– We are ready to start the Refinery as soon as possible in that case. We are cooperating with the Serbian state authorities on all current issues and have their support – said Tyurdenev, Blic reported.

He said that the latest OFACK license gave NIS a deadline of February 13, 2026, to change its ownership structure.

– This process is being led by the shareholders, or rather the owners of the company, and according to the information we have, the shareholders are actively negotiating with several interested parties – he said.

He emphasized that, at that moment, the main task of the company was to maintain business stability, as much as possible under the current circumstances.

– The work of our refinery, and consequently HIP Petrohemija, is currently suspended due to a lack of crude oil. We supply the market with derivatives from previously prepared reserves, while Upstream operates in the usual mode – said Tyurdenev.

He stated that NIS had been paying salaries in advance throughout the year in order to prevent any difficulties in payments.

– To this end, today the salary for December was paid, as well as all related bonuses and premiums – he said.

NIS paid its workers’ salaries on Friday.

NIS has been under US sanctions since October 9 due to its Russian ownership stake.

NIS a.d. Novi Sad

NIS a.d. Petrol Rafinerija nafte Pančevo

HIP-Petrohemija a.d. Pančevo

Naftna industrija Srbije

HIP Petrohemija

Pančevo Refinery

OFAC

Kirill Tyurdenev

license

sanctions