The Pančevo oil refinery in Serbia has resumed fuel production following an almost two-month shutdown, which is pivotal for the country’s energy supply chain. Energy Minister Dubravka Djedovic confirmed that approximately 2,000 employees have returned to work, with eurodiesel supplies expected to reach petrol stations starting January 27. This restart underscores the Serbian government’s commitment to mitigating consumer disruptions resulting from sanctions imposed on the state-owned company NIS.
Crude oil deliveries to the refinery commenced earlier this week through the Croatian JANAF pipeline. On January 9, NIS announced that it had secured its first crude imports via this route, facilitating the operational restart of the refinery.
In parallel, discussions are ongoing regarding NIS’s future ownership and strategic positioning. The Hungarian company MOL has expressed interest in a potential partnership, alongside Abu Dhabi’s ADNOC. Currently, NIS operates under a license valid until January 23, with broader negotiations extending to March 24. The company has been functioning under temporary permissions due to sanctions imposed by the Office of Foreign Assets Control (OFAC) in early 2025, which cite its majority Russian ownership.
The sanctions officially took effect in October 2025 after the expiration of the final waiver; however, OFAC had previously issued several licenses permitting limited operations. The resumption of activities at the Pančevo refinery marks a significant step towards stabilizing Serbia’s fuel market as discussions continue for a long-term resolution to the challenges posed by international sanctions.
