Serbia's NIS granted OFAC license extension as sale of Russian stake stalls

NIS licence extension MOL‑Gazpromneft negotiations Serbian oil supply Russian stake sale energy security

The U.S. Office of Foreign Assets Control (OFAC) has extended the special operational licence for Naftna industrija Srbije (NIS) until 31 July 2026, allowing the company to continue refining crude oil, importing crude, and conducting necessary transactions. At the same time, OFAC prolonged the deadline for the Hungarian firm MOL to conclude negotiations with Russia’s Gazpromneft on the purchase of its 56.15 % stake in NIS, also to 31 July.

Serbian authorities and MOL have signed a shareholder agreement that will give the Serbian state an additional 5 % of NIS shares, securing the Pančevo refinery’s operation for at least the next ten years and increasing state influence over key decisions. Officials, including former energy minister Zorana Mihajlović, say that fuel supply to the domestic market remains stable and that strategic crude and derivative reserves mitigate any short‑term disruption.

Energy experts warn that if the licence were not renewed, the transport of crude oil via the JANAF pipeline could be jeopardised, but they stress that NIS holds sufficient stockpiles and that the government has been building strategic reserves since 2020. The extensions provide a critical window for a permanent resolution of NIS’s ownership and for maintaining energy security in Serbia and the wider region.