The temporary U.S. operating license for sanctioned Serbian oil company NIS was extended on Friday, Serbia’s energy minister said, as Belgrade hopes to quickly sign a deal to see its major Russian shareholder exit.
Serbia’s Petroleum Industry Company’s operating license has been extended until mid-June, allowing the country to continue importing oil and avoid another closure of its only refinery under pressure from Washington to crack down on Russian energy.
“We have received good news from the United States,” Energy Minister Dubravka Djedovich Handanovich was quoted as saying on the state broadcaster’s website.
“The operating license granted to NIS has been extended for 60 days, which is important for more stable planning of crude oil purchases.”
Negotiations over the sale of Russia’s majority stake in NIS to Hungarian energy giant MOL have been ongoing for months, with the United States setting a deadline of May 22 for completion.
Serbian officials do not expect the deal to be harmed by Hungary’s recent change of government, but it has not yet been finalized.
“MOL’s position is to continue negotiations with Serbian and Russian partners and reach the conclusions we have been discussing,” Serbian President Aleksandar Vucic said after Viktor Orban’s election defeat.
NIS, which supplies 80% of Serbia’s fuel market, was forced to halt production at its main Pancevo refinery in December as long-delayed sanctions cut off crude supplies.
Serbia remains a close ally of the Kremlin and one of the few European countries not to impose sanctions on Russia over the war in Ukraine. In 2008, the Balkan country sold a majority stake in NIS to Gazprom for 400 million euros.
Currently, 45% of the company is held by Gazprom Neft, which is subject to U.S. sanctions, and Gazprom transferred 11.3% of its shares to its affiliate Intelligence in September.
The Serbian government owns nearly 30% of the shares, with the remainder held by minority shareholders.
Officials said the country intends to increase its stake by 5% following the sale.
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