Djedovic Handanovic: Situation regarding NIS not easy, we will work on boosting state reserves

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Monday the situation regarding the oil company NIS, which is under US sanctions due to its Russian-majority ownership, was not easy and that problems were accumulating, and announced that efforts would be made to boost state reserves.

"The situation is not easy, it is complex and becoming increasingly complex, and, of course, problems are accumulating," Djedovic Handanovic said after a meeting with President Aleksandar Vucic and teams in charge of energy stability and security in the country.

She read out a list of 51 locations in Serbia that had no alternative to NIS petrol stations.

"Let me remind you that the fuel price at NIS petrol stations is subsidised just so that we help farmers. That is also one of the challenges. We had small enterprises, small companies in mind - bakeries and all those that, of course, need fuels every day," she said.

"We will look into ways to solve this - the challenges are there and are clear to us. What the government will continue to do is to, above all, keep increasing its state reserves. We have been doing that in the past three years, when they increased significantly - by around 60 pct in total across all derivatives," she said.

She added that, under prior agreements, additional quantities of 49,000 t of diesel and 38,000 t of petrol were on their way. Djedovic Handanovic also said there was enough mazut for the entire heating season.

Djedovic Handanovic: Many companies have switched to other suppliers or are seeking alternatives to NIS

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said on Monday the situation regarding the oil company NIS, which is under US sanctions due to its Russian-majority ownership, was becoming increasingly complex and that a large number of businesses had already switched to other suppliers or were seeking alternatives to NIS.

Djedovic Handanovic said the citizens should have no doubt the government would do everything to maintain the stability of supplies and energy stability.

"We held a meeting here at the Presidency of Serbia with President Vucic and the PM, with government ministers and directors of enterprises, we discussed the situation in the crude oil sector - it is becoming increasingly complex. We have kept the public informed, we have never hidden anything, and that is how we will be acting in the future as well. We are aware that problems are being felt by people in the finance sector, that is clear to us. Also, many legal persons have either already switched to new suppliers or are looking for alternatives, that is also very clear to us," Djedovic Handanovic said.

"Let me remind the citizens that today is 60 days since the entry into force of the sanctions, since which time there have been no crude oil supplies to the Pancevo refinery, and that the market has not felt that, that the citizens have not felt that, which is really a great victory for the government in the sense that we have prepared well and also that the citizens have trust in their country," she said.