US lifts sanctions on Serbian oil company NIS - Expected to import more crude oil by April 17
The US Treasury Department has extended the lifting of sanctions on the Russian-owned Serbian company NIS until April 17, giving the Balkan country more time to import crude oil amid the US-Israeli war against Iran, Serbia's energy minister said on Friday.
NIS operates Serbia's only oil refinery in the city of Pančevo, near Belgrade, and is the country's largest fuel supplier and retailer. Serbia on Thursday extended a ban on exports of crude oil and fuel products until April 2 to protect its market from shortages and price increases stemming from the war with Iran. The suspension applies to the export of diesel, gasoline and crude oil by all modes of transport.
Kazakhstan was Serbia's largest supplier of crude oil last year, accounting for almost 60% of imports, followed by Nigeria and Guyana. All imported crude oil arrives by tanker on the Croatian island of Krk and is then transported via the JANAF pipeline.
Serbian President Aleksandar Vučić said he will announce more fuel and energy saving measures after meeting with the country's National Security Council.
In December, the US Treasury's Office of Foreign Assets Control (OFAC) gave NIS until March 24 to negotiate the sale of shares held by Russian firms Gazprom and Gazprom Neft, at 44.9% and 11.3%, respectively.
On January 19, Hungary's MOL said it had signed a binding agreement with Russian companies to buy their shares in NIS, and the United Arab Emirates' ADNOC would be a minority shareholder.
The Serbian government owns 29.9% of the shares in NIS, while the rest belongs to small shareholders and employees.
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