Vucic announces launch date for refinery owned by Russia

According to Ukrinform, Reuters stated this in an article.

"I expect the first 85,000 tonnes of crude oil to arrive by January 15th ... and for the refinery to start operating on January 17 or 18, and to start producing oil derivatives from January 25 or 26," Vucic told reporters in Belgrade.

Russia's Gazprom has an 11.3% stake in NIS, while its sanctioned oil unit Gazprom Neft (SIBN.MM) holds 44.9%. The Serbian government has 29.9%, with the remainder held by small shareholders and employees.

The Serbian government said it supports ongoing talks on a sale between NIS's Russian owners and Hungary's MOL.

The United States imposed sanctions on NIS as part of broader measures against Russia's energy sector, after granting a number of waivers since the beginning of last year.

The sanctions had halted crude supplies via Croatia's JANAF (JANF.ZA) pipeline, shutting down the NIS refinery in the northern town of Pancevo.

This week, JANAF said it had also received a licence allowing it to export crude oil to NIS.

As Ukrinform previously reported, in January 2024 the United States expanded sanctions against Russia's energy sector. At that time, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) added NIS AD Novi Sad to its sanctions list, granting Gazprom Neft 45 days to exit the investment. OFAC later extended this deadline twice by 30 days.

Following the sanctions, NIS faced significant difficulties in its operational activities.

Over the year, the United States repeatedly postponed sanctions against NIS, but after several delays the sanctions took effect in early October.

On Thursday, January 1, the United States granted the Serbian oil refining company NIS, most of whose shares are owned by Russia, a license to operate until January 23, allowing it to resume production after a 36-day shutdown.

In late December, OFAC gave NIS until March 24 to conduct negotiations on the sale of the Russian stake.