OFAC extends NIS license

NIS submitted a new application to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on September 24 for a special license that would allow the company to continue its operational activities without interruption after September 30, when the previous license expires.

“We have received another extension of the U.S. OFAC operating license for NIS, which is good news for Serbia, especially given the start of the winter season. The situation remains very challenging due to geopolitical circumstances and rising energy prices, as well as difficult logistical conditions, low water levels on the Danube and problems with importing petroleum products. That is why we responded by releasing 5,000 tons of diesel from state reserves onto the market, along with the reduction in excise duties that we have been implementing for months. The new 30-day extension of the license allows the Pančevo Oil Refinery to continue operating and producing maximum quantities of petroleum products — diesel, gasoline, kerosene and fuel oil, which is particularly important for the upcoming heating season,” said Dubravka Djedović Handanović, Minister of Mining and Energy in the technical government.

She added that talks between OFAC and MOL regarding the transaction are continuing and will require more time.

“We have completed our part of the work regarding the agreement between the shareholders, should MOL acquire NIS and the United States approve it. Until then, we will continue taking all necessary steps to ensure a full supply of the market, keep prices under control and be prepared to respond to any disruptions, as we have done so far,” Djedović Handanović said.