NIS: Preparations Begin for Shutdown of Operations at the Pancevo Oil Refinery

“In the first phase, the facilities have been placed into hot circulation, and the entire process is being carried out in accordance with the laws of the Republic of Serbia, the company’s internal regulations, and the strictest environmental, safety, and occupational health standards. Activities at the Pancevo Oil Refinery during the period of hot circulation will be organized so that refinery units are ready to restart as soon as conditions allow, that is, once information is received regarding the availability of crude oil,” the statement published on the NIS website said.

NIS emphasized that it continues supplying the domestic market with petroleum products without interruption, thanks to previously secured stockpiles.

“The company expresses hope that normal operations at the Pancevo Oil Refinery, important not only for Serbia’s supply but also for regional markets, will be restored as soon as possible. The Pancevo refinery is one of the most modern in the region, with more than 900 million euros invested in it since 2009. In addition to being crucial for the stable supply of petroleum products, the Pancevo refinery is also key to the operation of HIP Petrohemija, which will likewise begin preparations for a shutdown in the coming period,” the statement said.

NIS stressed that its business operations are based on strict adherence to the laws of Serbia and other countries in which it operates, and that it has in no way contributed to the imposition of sanctions that jeopardize the company’s operations and the social stability of more than 13,500 employees.

“The company remains committed to efforts to be removed from the U.S. Treasury Department’s SDN list as soon as possible or to obtain a new special license that will allow it to operate without restrictions. In these efforts, it has strong support from the state authorities of the Republic of Serbia,” the statement added.

Serbian President Aleksandar Vucic informed the public that there are four days left until the complete shutdown of the Pancevo oil refinery, unless the U.S. government approves a new license by then.

Following this, the National Bank of Serbia announced that it would suspend payment transactions with NIS if the company does not obtain a license to continue operating.

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