[REVISION HISTORY]

Serbia NIS licence extensions and MOL deal progress

4 recorded revisions of this situation.

What changed

2026-08-31 15:00 UTC → 2026-10-24 11:13 UTC · added ~~removed~~

The U.S. Office of Foreign Assets Control (OFAC) has repeatedly renewed a special operational licence for Naftna Industrija Srbije (NIS) to maintain refining and fuel supply while ownership negotiations continue. By late August 2026, OFAC extended the NIS operating licence until 30 September, alongside an extension for Hungary’s MOL to continue negotiations with Russia’s Gazprom Neft regarding its 56.15% stake. In late August 2026, Serbian Minister of Mining and Energy Dubravka Đedović Handanović stated that the license extension serves as a “signal of progress” in the complex negotiations to resolve NIS’s ownership structure. The extension allows NIS to continue core activities, including crude oil imports, technical maintenance, and financial settlements. Additionally, OFAC extended the license for the Croatian pipeline operator JANAF to ensure continued oil transport cooperation with NIS. To meet rising domestic demand, the Pančevo refinery has increased its processing capacity to approximately 13,000 tons per day. For September, NIS plans to target the production of roughly 190,000 tons of euro diesel and 50,000 tons of gasoline. Despite low water levels on the Danube affecting imports, the Minister confirmed that fuel supplies are expected to remain stable through the end of September. In June 2026, Serbia and MOL signed a shareholder agreement that would take effect upon the successful acquisition of the Russian stake and OFAC approval. Under this pact, Serbia would purchase an additional 5% stake to increase its influence, while MOL would gain management rights and commit to operating the Pančevo refinery at pre-sanction capacities for at least ten years. The final transaction remains contingent on Gazprom Neft’s cooperation and U.S. regulatory clearance. As the September 30 deadline approached, NIS applied for a new sanctions waiver to prevent supply disruptions.

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