Temporary U.S. licence keeps NIS refinery running
The U.S. Treasury has extended a sanctions waiver for NIS through Sept. 30, allowing the Pančevo refinery to continue operating while ownership talks proceed. The new Treasury licence replaces an authorisation scheduled to expire on Aug. 28. Serbian officials said the extension of the operating licence reflects progress in efforts to address the issue.
The latest licence permits NIS and its operating subsidiaries to carry out transactions required for ordinary business. Activities covered include crude imports, refining, maintenance, and contractual payments. The authorisation also covers steps needed to maintain Serbian energy supplies.
Ownership restructuring negotiations focus on Russian-controlled stake
Attention is increasingly focused on a potential ownership restructuring that could provide a longer-term solution related to sanctions. Hungarian energy group MOL is negotiating with Gazprom Neft over the Russian-controlled interest in NIS. The parties previously agreed the principal terms of a framework concerning a 56.15% stake.
NIS has been subject to U.S. sanctions since October 2025, linked to its majority Russian ownership. Serbian Mining and Energy Minister Dubravka ĐedoviĆ said ownership negotiations are in their final phase. She described the licence extension as an indication that efforts to resolve the matter are advancing.
Impact on Serbia’s fuel supply from continued refining
For Serbia, the immediate effect of the waiver extension is continued crude refining at Pančevo. The authorisation supports uninterrupted operations at the refinery through Sept. 30. It is also intended to reduce short-term risks to domestic fuel availability.
