Energy minister: OFAC grants license extension to NIS

“As President Aleksandar Vucic hinted last night, good news arrived from the US during the night. This nearly month-long extension is particularly significant at a time when global oil prices are climbing daily. The Pancevo refinery remains operational, and the supply will remain stable. Citizens have no cause for concern and no need to stockpile fuel because we have sufficient petroleum products,” a press release quoted Mining and Energy Minister Dubravka Djedovic Handanovic as saying.

The minister noted that there have been no domestic market shortages despite more than a year of operational challenges for NIS, and the fact that no crude oil has reached Serbia for nearly 100 days.

“The situation is now further complicated by the conflict in the Middle East. Across the world, and especially in Europe, a series of measures are being taken to maintain a stable oil supply. We have already reduced excise duties by 20 percent and decided to release 40,000 tons of Euro diesel from our strategic reserves. We will continue to implement additional measures to ensure supply remains stable,” the minister said.