Serbia’s oil company seeks US license extension to maintain operations

Serbia’s oil and gas company Naftna Industrija Srbije (NIS) has requested an extension from the US Treasury Department’s Office of Foreign Assets Control (OFAC) for its special license, allowing the company to maintain operational activities beyond April 17, 2026.

The company noted in a statement on its official website that the current license expires on that date, and a renewal is necessary to ensure uninterrupted operations, Caliber.Az reports.

Amid US sanctions, NIS owners are exploring changes to the company’s shareholder structure.

In January 2025, the US Treasury added NIS and its majority shareholder, Gazprom Neft, to its sanctions list.

After several delays, the restrictions took effect in October of the same year.

Previously, Gazprom and Hungarian energy firm MOL announced plans to sell their stakes in NIS.

Discussions are also underway regarding increasing Serbian ownership in the company and potential minority investment by the UAE’s ADNOC (Abu Dhabi National Oil Company).

NIS’s main assets are located in Serbia and across several regional countries, including Bulgaria, Bosnia and Herzegovina, Hungary, and Romania.

By Bakhtiyar Abbasov