Serbian Oil Industry seeks new operating license from US Treasury

The Serbian Oil Industry (NIS) has formally requested a new operating license from the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). The company's current license is set to expire on July 31, prompting NIS to seek authorization for continued free operation.

NIS, which previously came under U.S. Treasury sanctions as part of the Russian energy sector, has had to secure extensions on its operating license multiple times. The company is currently involved in negotiations with Hungary's MOL regarding the sale of its majority share, a detail it highlighted in its request to OFAC.

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NIS said that it stressed its importance in securing fuel supplies for the Serbian market and recalled the sales negotiations.

In its appeal, NIS underscored its critical role in ensuring fuel supplies for the Serbian market. The company stressed that the uninterrupted operation of its sole refinery in Pancevo and consistent fuel provision are vital for maintaining Serbia's energy stability. OFAC has previously granted operating licenses to NIS on several occasions.

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It said that the free operation of the company, operating of the country’s sole refinery in Pancevo and regular fuel supplies are crucial to maintaining Serbia’s energy stability.