Russian oil companies Gazprom Neft and Gazprom have agreed to sell their controlling stake in Petroleum Industry of Serbia (NIS) following US sanctions, reported Reuters, citing Serbian Energy Minister Dubravka Dedovic Handanovic.
The news comes as Serbia faces potential fuel shortages ahead of winter, with NIS operating as the country’s only oil refinery, providing a significant portion of its fuel needs.
Russian companies sent a request to the US Treasury’s Office of Foreign Assets Control (OFAC) expressing their willingness to transfer control of NIS to a third party.
NIS, which plays a key role in Serbia’s energy sector, is 44.9% owned by Gazprom Neft and 11.3% by Gazprom, while the Serbian Government holds a 29.9% stake.
The company supplies around 80% of the country’s diesel and petrol, and more than 90% of jet fuel and heavy fuel oil, according to the news agency.
Handanovic said that OFAC had already responded "with certain comments", and she hopes to receive their opinion this week.
OFAC placed sanctions on Russia’s oil sector in January, but enforcement for NIS was delayed several times before taking effect on 8 October.
As a result, several banks have ceased processing NIS payments and Croatia’s JANAF pipeline has halted crude oil deliveries to Serbia.
Without additional crude supplies, the refinery’s operations may only continue until 25 November, according to Serbian officials.
