Adriatic Oil Pipeline to Suspend Oil Supplies to NIS Concern | Beta Briefing

Adriatic Oil Pipeline to Suspend Oil Supplies to NIS Concern

Source: Beta
SEE Business / Region | 30.03.22 | access_time 16:49

JANAF (Photo: PrintScreen YouTube)

The Adriatic oil pipeline JANAF has announced that it would suspend oil deliveries to Naftna Industrija Srbije (NIS) oil corporation, which would eventually block Serbia’s oil refinery and a petrochemical complex, Petrohemija, both in Pancevo, near Belgrade, the Politika newspaper reported on March 30.

The only thing that can reverse the decision, which is a punishment for NIS and its majority stakeholder, Russian Gazprom Neft, is that the war in Ukraine is over by the time West decides to actually stop the oil supplies, the daily explained.

JANAF said in a press release that sanctions against Russia over its attack on Ukraine included a contract governing crude oil deliveries to NIS. If the situation remains unchanged, the contract will be suspended as of mid-May, this year, and it will remain so as long as the sanctions are in force, JANAF released.

Politika recalled that the European Union’s sanctions against Russia included a ban on all transactions with companies owned by the Russian state, and that Serbia would need to do something to secure a steady supply of all types of derivatives, since Gazprom Neft owned a 56.15% stake in NIS, the Republic of Serbia had a 29.87% stake and small shareholders the remaining 13.98 percent.
 

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