OFAC Extends NIS’s Operating Licence Until April 17

Pancevo oil refinery (BetaPhoto/Ministry of Mining and Energy of Republic of Serbia/Emilija Jovanovic)

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has extended the operating licence of the Serbian Oil Industry's (NIS) until April 17, 2026, Serbia’s Ministry of Mining and Energy announced on March 21.

Minister Dubravka Djedovic-Handanovic said the extension was particularly important at a time when oil prices were rising daily on global markets, according to the ministry’s statement. "The refinery in Pancevo will continue to operate and supply will remain reliable. Citizens should not worry, there is no need to stockpile, we have sufficient petroleum products," the minister said.

Djedovic-Handanovic noted that there had been no shortages on the market, despite NIS having faced disrupted operations for more than a year, as well as the fact that no crude oil had been delivered to Serbia for almost 100 days. "The situation is now further complicated by the conflict in the Middle East. Across the world, and especially in Europe, a range of measures are being adopted to maintain stable oil supply. We have also reduced excise duties by 20 percent and decided to release 40,000 tons of euro diesel from reserves, and will implement additional measures to ensure stable supply," the minister said.