OFAC extends NIS license until August 28

The US OFAC has extended the operating license of Naftna industrija Srbije (NIS) until August 28. As stated by Minister of Mining and Energy Dubravka Djedovic Handanovic, this extension was expected. She added that it was certainly good news for Serbia’s energy security and the continuity of supply to the Serbian market.

– Thirty days is good news in the sense that NIS can procure and deliver sufficient quantities of crude oil. The refinery in Pancevo continues to operate at full capacity, which is of great importance at this time, especially considering the challenges that the low water level of the Danube creates in the import of petroleum products. Although the extension of the license is an important step, uncertainty still persists. We continue to monitor the negotiations and work to reach a sustainable and long-term solution that will fully protect the interests of the Republic of Serbia and ensure the stability of our energy system – the minister stated after the news of the extension of the license to NIS, as reported by RTS.

Serbia has previously, as she pointed out, taken all necessary steps to preserve energy security and secure the best possible position for the country in all future talks.

– Our priority remains a secure supply of citizens and the economy, along with the stable operation of the domestic oil industry – said the minister.

Vucic: In the coming days, I expect the finalization of the agreement on NIS, I will talk with Putin and Magyar

Serbian President Aleksandar Vucic stated that in the coming days he expected the finalization of the agreement on the sale of the Russian stake in NIS to the Hungarian company MOL and added that he would probably talk about it with the Russian President and the Hungarian Prime Minister, Vladimir Putin and Peter Magyar.

He added that the wars in Iran and Ukraine were giving him “nightmares,” adding that once they ended and MOL completed the purchase of NIS, Serbia would receive an investment rating from all agencies within a month.

NIS a.d. Novi Sad

Ministarstvo rudarstva i energetike Republike Srbije

MOL Serbia d.o.o. Beograd

MOL Hungarian Oil and Gas Budapest

Naftna industrija Srbije

NIS

MOL

Gazpromneft

Ministry of Mining and Energy

OFAC

Dubravka Đedović Handanović

Aleksandar Vučić

Peter Magyar

Vladimir Putin

sale of NIS

NIS license