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Guyana among key oil suppliers to Serbia
…as Russian-owned NIS seeks U.S. sanctions waiver
BELGRADE, March 12 (Reuters) – Serbia’s Russian-owned oil company Naftna Industrija Srbije (NIS) has requested another sanctions waiver from the United States to continue importing crude while negotiations continue over the sale of the company to Hungary’s MOL Group, according to a company statement on Thursday.
The request highlights the broader global oil supply network that includes emerging producers such as Guyana, which has become one of Serbia’s crude suppliers in recent years. NIS operates Serbia’s only oil refinery in the northern town of Pancevo, and supplies 80% of the Balkan country’s fuel needs. The U.S. Office of Foreign Assets Control (OFAC) imposed sanctions on NIS in October as part of broader measures targeting Russia’s energy sector over Moscow’s war in Ukraine.
Last December, OFAC gave NIS until March 24 to negotiate the sale of majority stakes held by Russia’s Gazprom Neft (SIBN.MM), opens new tab and Gazprom (GAZP.MM), opens new tab. It also granted a waiver allowing NIS to import crude that expires on March 20.
“The request (to OFAC) emphasises the importance of the company’s regular operations for the (Serbian) economy, especially in light of global developments and the situation on the world oil market, and points advanced negotiations to change NIS’s ownership structure,” NIS said in a statement.
On January 19, MOL said it had signed a binding agreement with Russian companies to buy their stake in NIS. Gazprom and Gazprom Neft hold 11.3% and 44.9% stakes in NIS, respectively. The Serbian government has a 29.9% stake, while the remainder belongs to small shareholders and employees. Kazakhstan was Serbia’s largest crude supplier last year, accounting for nearly 60% of imports, followed by Nigeria and Guyana. Iraq was previously the main supplier with over 50% in 2022, but that situation changed due to market conditions. All imported crude arrives via tankers to the Croatian island of Krk and is then transported through the JANAF (JANF.ZA), opens new tab pipeline.
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