US EditionU.S. Sanctions Force Serbia's Only Refinery to Shut Down
The US denied Serbia's request to maintain crude supplies to the Pančevo refinery amid sanctions on Russian owners, risking fuel shortages and economic disruption, with 13,500 jobs at stake.
- On Monday, President Aleksandar Vučić said Serbia failed to secure a United States operating license for its Russian-owned Pančevo refinery, forcing a halt and prompting Energy Minister Dubravka Đedović Handanović to inform Petroleum Industry of Serbia.
- US sanctions took effect on 9 October, and Gazprom Neft owns 44.9% of NIS while Gazprom holds 11.3%, complicating Serbia's licensing bid as Russia resists selling its stake.
- Transport and logistics officials said NIS employs about 13,500 people and operates over 400 fuel stations and 80 abroad, while the refinery loses 370,000 under restrictions, raising costs.
- Serbia says its fuel stocks are sufficient until late January, and the government authorised a refinery shutdown after US sanctions, warning of secondary sanctions on the National Bank of Serbia and commercial banks.
- After 13 December, neither NIS nor Lukoil can receive strategic fuel reserves, and Serbia faces a gas-contract deadline Friday, with officials warning that `For now, only Serbia suffers`.
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Serbia may run out of gasoline by the end of the year, but MOL can buy into the company in the meantime.
The Serbian distributor NIS, which still belongs to the Russian giant Gazprom, has been subject to US sanctions since the beginning of October, and the Pančevo refinery no longer has a drop of oil at its disposal. President Aleksandar Vučić is at the foot of the wall.
U.S. Sanctions Force Serbia's Only Refinery to Shut Down
The United States has denied a sanctions waiver to Serbian refinery Naftna Industrija Srbije (NIS), majority owned by Russian state energy firms and sanctioned by the United States, forcing Serbia’s only refinery to shut down, Serbian President Aleksandar Vu?i? said on Tuesday. “We expected to get a license from the US government for continued oil supplies to our refinery in Pancevo...but we have not received a positive decision from the US,” V…
If the Oil Industry of Serbia (NIS) does not receive an American license to operate, the possible shutdown of the Pancevo Refinery and Petrohemija would first affect the employees, and then the entire economy, Danas interlocutors estimate.
US blocks operation of Russian-owned Serbian refinery: Belgrade warns of risks to fuel suppliesThe US has denied Serbia a license to operate the Russian-owned NIS refinery in Pančevo, blocking crude oil supplies. This threatens the stability of the country's fuel market and leads to daily losses of 370,000 euros.
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