OFAC Extends NIS Operating License Until April 17, Djedovic Says Refinery Continues Operations

"As President Aleksandar Vucic indicated, good news has arrived from the United States. The extension of the license by nearly a month is particularly important at a time when oil prices are rising daily on global markets. The refinery in Pancevo will continue operating, and supply will remain reliable. Citizens should not be concerned, there is no need to create stockpiles; we have sufficient petroleum products", said Minister of Mining and Energy Dubravka Djedovic Handanovic.

She emphasized that there have been no shortages on the market, despite the fact that NIS has faced operational difficulties for more than a year, as well as the fact that crude oil had not been delivered to Serbia for nearly 100 days.

"The situation is now further complicated by the conflict in the Middle East. Across the world, and particularly in Europe, a range of measures is being adopted to maintain stable oil supply. We have reduced excise duties by 20 percent and decided to release 40,000 tons of euro diesel from reserves, and we will implement additional measures to ensure continued stability of supply", Djedovic Handanovic concluded, according to a ministry statement.

On March 12, NIS requested a new special license from OFAC that would allow the company to continue its operational activities beyond March 20, when the previous license, issued on February 20, was due to expire.

In its request, NIS emphasized the importance of its uninterrupted operations for the Serbian economy, particularly in light of global developments and conditions on the international oil market, and pointed to advanced negotiations regarding changes in its ownership structure.

Foto: Tanjug/Dejan Živančević

On February 20, NIS received a new special license from the U.S. Department of the Treasury, allowing uninterrupted operational activities through March 20, 2026.

This license enabled the company to maintain business operations, contracts, and other agreements involving NIS or its operating subsidiaries, including the import and refining of oil, transactions necessary for supply security and technical maintenance, as well as financial settlements.

OFAC had previously issued a license to shareholders and interested parties for negotiations on changes to NIS’s ownership structure, valid until March 24, 2026.

OFAC Imposed Sanctions on NIS in October 2025

The U.S. OFAC imposed sanctions on NIS on October 9, 2025, due to its majority Russian ownership.

Negotiations are currently underway between Gazprom Neft and the Hungarian company MOL, regarding the acquisition of the Russian stake in NIS.

The MOL Group announced on January 19 that it had signed the key terms of a binding framework agreement with Gazprom Neft to purchase a 56.15 percent stake in the Serbian company NIS.

The parties plan to sign a share purchase agreement by March 31, according to the statement, noting that completion of the transaction requires, among other things, approval from OFAC as well as other state and regulatory authorities in Serbia.

MOL Group is also reportedly in discussions with the Abu Dhabi National Oil Company (ADNOC) regarding its potential entry into NIS’s ownership structure as a minority sharehold

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