Djedovic Handanovic, Tyurdenev discuss NIS operations, security of oil supplies

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic met with Kirill Tyurdenev, CEO of Serbia's Russian majority-owned oil company NIS, to discuss the current situation, the firm's operations and measures aimed at ensuring stability of crude oil and oil derivatives supplies.

Djedovic Handanovic noted that a new delay of US sanctions on NIS until June 27 was a certain relief but that a cautious and well-thought-out approach was necessary when it comes to making any crucial business decisions, an official statement said.

"The good news is that, with assistance from Serbia, NIS has managed to secure a 60-day delay of the sanctions, which represents a relief. The most important thing for the country's energy security and for NIS is that unobstructed procurements of crude oil and operations of the Pancevo refinery are continued. However, the situation is still not easy by any means, which is why it is important for the management to be cautious, to make well-thought-out decisions and measures to ensure the company is profitable and to continue to ensure certainty of operations," she said.

Tyurdenev thanked the Serbian authorities for helping to secure an extension of a US licence for NIS.

He said NIS had various scenarios of steps that could be used to maintain continuous crude oil supplies and stability of operations.