Djedovic Handanovic: Serbian authorities working on sustainable solution for NIS

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Monday evening the Serbian oil company NIS, which is under US sanctions due to its Russian majority ownership, was one of the most important issues in the national energy sector and that Serbia's geopolitical situation regarding the company was very complex but that the authorities were trying to reach a sustainable solution without eroding the country's relations with any other state.

The NIS issue is primarily a geopolitical one, but has national significance for Serbia, Djedovic Handanovic said.

"We have done everything to protect our position. Do not forget that NIS was sold in 2008 but I would rather not talk about what could have been different because every era has its own burden. Regardless of everything, the Russian owners have made substantial investments in the company, the refinery is in very good condition and operating in a stable manner," Djedovic Handanovic said on Prva TV.

The minister said that, over the past year and a half, the Serbian authorities had been trying to safeguard and improve their position regarding NIS while maintaining good relations with all partners.

NIS has been under the US sanctions since October 9.

On July 31, the US Office of Foreign Assets Control (OFAC) extended an operating licence for NIS until August 28.

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.