New licence for NIS would ensure maximised refinery output amid imports decline - minister

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Wednesday an extension of a US operating licence for the Serbian oil company NIS would enable the Pancevo oil refinery to maximise its output to help to tackle a decline of crude and derivatives imports that was due to logistical challenges resulting from natural factors, high prices and import costs.

Since October 9, 2025, NIS has been under US sanctions due to its Russian-majority ownership.

Recently, the US Office of Foreign Assets Control (OFAC) extended an operating licence for NIS until July 31.

A licence for MOL-Gazprom neft talks about an acquisition of a Russian majority stake in NIS by MOL was also extended until the same date.

"Unless the licence for NIS is extended, the supply will depend on state reserves, because imports have been hampered considerably. The Danube water level is very low and consumption is at its peak. A licence would ensure the refinery meximises its output and supplies our market regularly, but it is also important for wider regional security of supply amid disruptions that are also affecting other countries," Djedovic Handanovic said during a discussion with Association of Serbian Oil Companies Secretary General Tomislav Micovic.