Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović, stated that a response from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) regarding the operational license for the Petroleum Industry of Serbia (NIS) is expected either overnight or next week. NIS has been under U.S. sanctions due to the Russian ownership stake.
“Intensive diplomatic talks are continuing. We are in daily contact with the U.S. administration,” she said after a meeting of the Standing Working Group for the National Crisis Strategy in the Oil Sector. She added that she hopes the additional guarantees Serbia has submitted will lead to understanding for NIS.
She announced that the Pančevo Oil Refinery will remain in a “hot circulation regime” until Tuesday, December 2, while awaiting OFAC’s decision.
“If the decision is positive, the refinery will be able to release its first diesel on December 15, which aligns with existing plans and NIS’s reserves,” the minister said. She noted that the meeting also addressed the December import plans of other oil companies.
“For now, the plan is to import 133,000 tons of oil products in December — 103,000 tons of diesel and 26,000 tons of gasoline,” she explained.
Đedović Handanović emphasized that this represents a significantly higher volume than last year and in previous months, suggesting that companies have “done everything possible to increase imports.”
She noted that most imports are arriving via the Danube. “The level of imports will depend on Danube navigability, which is currently good,” she said, adding that the situation is monitored daily. The Standing Working Group will propose additional measures to strengthen logistics.
“In discussions with shipping companies, we will identify the best solutions and improve efficiency even further, although we have already raised the entire logistics chain to the highest level,” the minister stated.
Commenting on the UK government’s decision to extend Lukoil’s operating license until 26 February 2026, she described the news as positive.
“We are also waiting for OFAC’s response regarding Lukoil. Lukoil operates 112 fuel stations in Serbia and is a major importer,” Đedović Handanović said, noting that planned imports in November were lower due to Lukoil’s difficulties in Bulgaria, where the export of oil products had been temporarily banned.
She stressed that the U.S. sanctions on NIS have now been in place for 51 days, but Serbia has sufficient quantities of oil products and will ensure the market remains stable.
“If necessary, part of the mandatory state reserves — which are full, whether diesel, gasoline or fuel oil — will be released on the market,” she said.
Retail sales of oil products have remained stable, which she interpreted as a sign that citizens are not stockpiling. “There is no need to create reserves,” she emphasized.
