NIS Secures Crude Amid Sanctions for Continued Operations

Serbia's Russian-owned oil firm, NIS, has secured enough crude to operate through February due to a new U.S. sanctions waiver, reopening its Pancevo refinery. They plan diesel availability by January 27. OFAC granted a brief sanctions reprieve, and NIS is negotiating a sale to Hungary’s MOL.

Serbia's majority Russian-owned oil company NIS has announced a crucial move to secure its operational future amidst U.S. sanctions. By obtaining a waiver, the company has secured enough crude oil to keep its Pancevo refinery active until February's end.

This development follows efforts to restart operations and provide diesel to the market, with the first deliveries expected as early as January 27. NIS has confirmed this through a statement, aligning itself with comments made by energy minister Dubravka Djedovic Handanovic.

The waiver, granted by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), allows NIS to import crude via Croatia's JANAF pipeline until late March. In parallel, NIS is negotiating a sale to Hungary's MOL, anticipating an official approval from OFAC in the coming days.

(With inputs from agencies.)