Vučić on NIS: Diesel from newly processed oil at the refinery is already appearing on the market

Vučić on NIS: Diesel from newly processed oil already appears in wholesale and retail

Serbian President Aleksandar Vučić stated that the first diesel from oil processed by the refinery, after obtaining an operational license from the U.S. OFAC, is already appearing in wholesale and retail markets.

Vučić said that Serbia wants to increase its total stake in NIS by an additional five percent, bringing it to over 34 percent, in order to have stronger oversight and control mechanisms.

“That is our goal and what we agreed with our Hungarian partners, and I believe everything will be fine,” Vučić said in an interview with Federal Television.

He emphasized that Serbia managed to revive the refinery by obtaining the operational license from the Americans, and that it is now operational, producing primarily diesel, which accounts for almost 80 percent of total consumption.

Vučić added that he believes the process will continue uninterrupted and that the refinery will keep operating smoothly. He noted that Serbia has secured this in the contract with MOL.

“The refinery must operate. In any case, at least 70 percent of its capacity, but it can go up to 200 or 300 percent,” Vučić stressed.

He added that Serbia cannot allow the refinery to stop operating, as the country is not small enough to exist without it.

Vučić said that resolving the NIS issue is of great interest not only for Serbia but for the entire region, including Bosnia and Herzegovina.

He recalled that sanctions on NIS were introduced on October 9 and that no crude oil could be imported until the operational license was obtained.

Responding to a question about whether Moscow would receive the agreed money for selling its stake to MOL, he said Serbia was ready to pay twice as much.

“The Russians will see that money. It’s not a large sum. We were ready to pay twice the 900 million. The Russians wanted to do it with someone else. We respected their will and will not jeopardize relations with an important power,” Vučić stated.

He added that a part of the agreement with the Hungarians also covers the mining royalty, ensuring that Serbia retains sovereign rights in the future.

When asked about MOL’s position after taking over the Russian stake in NIS, Vučić said they will expand their network.

The president also noted that it is clear major powers are competing for spheres of influence and that in the future, sectors such as energy, digitalization and artificial intelligence, food and water, the military, education, and healthcare will be crucial.