Serbia has secured a three-month U.S. licence to search for a buyer for its Russian-owned oil company NIS, whose operations have been disrupted by sanctions, Energy Minister Dubravka Djedovic-Handanovic said on Saturday.
The government said this week that Russia’s Gazprom Neft and Gazprom, which together hold a 56% stake in NIS, had asked the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for approval to relinquish control of the refiner to a third party.
OFAC imposed sanctions on Russia’s oil sector, including Gazprom, in January. Measures against NIS were delayed several times before taking effect on Oct. 8.
Djedovic-Handanovic told a live TV broadcast that the Treasury had now approved a three-month licence for the company’s Russian owners to negotiate a sale. NIS and its refinery cannot operate during that period, she added.
“Approval for ownership negotiations has been received … until Feb. 13,” she said.
Banks have stopped processing NIS transactions, while Croatia’s JANAF pipeline has halted crude deliveries. Officials estimate the refinery can continue operating only until Nov. 25 without new supplies.
Washington also expects the full exit of Russian shareholders from the company, the minister said. Belgrade may consider taking over NIS itself.
“As energy minister, I believe we have tough decisions to make — whether to take over the company and compensate the (Russian) owners. I know President (Aleksandar) Vucic is against it,” she said, adding that the government would discuss options at a session on Sunday.
Gazprom Neft owns 44.9% of NIS and Gazprom 11.3%. The Serbian state holds 29.9%, with the remainder owned by small shareholders and employees.
Reporting by Aleksandar Vasovic; Writing by Angeliki Koutantou; Editing by Louise Heavens