Gazprom Neft reveals what's next for Petroleum Industry of Serbia, NIS, in light of US sanctions

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Due to the introduction of restrictive measures by the United States, which came into effect on October 9, the operations of Petroleum Industry of Serbia (NIS) have been disrupted, Gazprom Neft has said in a statement.

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Production and commercial activities continue in an adapted format, taking into account existing external restrictions, the company said.

"NIS has made the necessary adjustments to its operations. For example, crude oil refining at the Pancevo refinery was temporarily suspended on November 25, due to the suspension of crude oil imports by JANAF, the Croatian operator of the Adriatic crude oil pipeline, effective October 9, as a result of the implementation of US sanctions," Gazprom Neft said.

Currently, the Serbian market is supplied with petroleum products in the required volumes. NIS continues to produce its own crude oil, allowing it to build up certain crude reserves, the statement said. Tanjug said it has learned that these are very small quantities, insufficient to sustain the production process.

Gazprom Neft also said that the NIS management, with the support of the Government of the Republic of Serbia, is making every effort to minimize the impact of external factors and ensure stable product supplies, while remaining a reliable partner for its customers and a responsible employer for its employees.

"NIS's operational activities, including maintaining its accounts and ensuring business continuity, are carried out with the full and comprehensive support of the Government of the Republic of Serbia. This constructive interaction and partnership between the company and Serbian state institutions is key to maintaining stability and enabling effective management of the current situation in the interests of its employees, partners, and the country's economy as a whole," the statement said.

NIS shareholders are actively engaged in intensive multilateral dialogue aimed at resolving the current situation as quickly as possible, Gazprom Neft concluded.

(Telegraf.rs/Tanjug)