Serbia’s oil company Naftna Industrija Srbije (NIS) received another temporary operating extension from the US Treasury’s Office of Foreign Assets Control (OFAC), allowing continued operations until 28 August 2026.
The authorisation, issued on 31 July 2026, permits crude oil imports, refining activities at the Pančevo refinery, and transactions required to maintain domestic fuel supply.
Temporary licence protects fuel supply continuity
The extension prevents an immediate disruption at a refinery that supplies approximately 80% of Serbia’s fuel demand. The approval is particularly significant as low Danube water levels are limiting alternative fuel transport options and reducing flexibility for additional product imports. The latest authorisation represents another short-term measure rather than a permanent resolution of NIS’s ownership situation.
MOL acquisition process remains unresolved
Hungarian oil and gas company MOL has not yet completed the proposed acquisition of the combined 56.15% stake held by Gazprom Neft and Gazprom. The Serbian government currently owns approximately 29.9% of NIS and has stated that it intends to increase its ownership by acquiring an additional five percentage points.
Public estimates have placed the value of MOL’s proposed transaction at between €900 million and €1 billion, although the final purchase price, financing arrangements and future governance structure have not been disclosed. The completion of the transaction requires a sanctions-compliant transfer of shares and related payments, meaning that commercial agreement between the parties alone is not sufficient.
Short extensions increase operational uncertainty
Repeated short-duration licences are increasing NIS’s working capital and compliance requirements. Crude suppliers, financial institutions, JANAF, insurers and payment intermediaries must evaluate whether individual shipments and transactions can be completed before each authorisation deadline. The latest 28-day extension secures refining operations through August but does not provide sufficient certainty for longer-term procurement planning, debt refinancing activities or major investment decisions. The next key corporate milestone remains the completion of an ownership transfer structure that complies with OFAC requirements.
