Gazprom neft: NIS adapting its operations to US sanctions

NOVI SAD - Russia's Gazprom neft, the majority owner of the Serbian oil firm NIS, announced on Wednesday the company was adapting its operations to US sanctions that had entered into force on October 9.

In a statement, Gazprom neft said NIS continued to produce its own crude oil, enabling it to accumulate crude oil reserves.

The quantities are very small and insufficient for processing, Tanjug learns.

Gazprom neft also said NIS production and commercial activities continued in an adjusted format in view of existing external restrictions and that the Serbian market was currently supplied with the necessary quantities of oil products.

Gazprom neft said crude oil processing at the Pancevo refinery had been suspended on November 25.

"The NIS management, with support from the Government of the Republic of Serbia, is investing all efforts to minimise the effects of external factors and ensure stable product deliveries while remaining a dependable partner to its clients and a responsible employer to its employees," it said.