Serbian mining, energy minister says NIS holds record oil reserves

Serbia’s Minister of Mining and Energy Dubravka Jedović-Khandanović has announced that the country’s oil company NIS (“Naftna Industrija Srbije”) is currently holding record crude oil reserves of around 350,000 metric tons.

According to a statement cited by the Serbian Ministry of Energy, the reserves are stored in domestic facilities as well as at the Croatian port of Omišalj, and are expected to help maintain short-term supply stability, Caliber.Az reports via Russian media. 

“Currently, NIS has record oil reserves: as of July 1, approximately 350,000 metric tons are secured, stored in oil storage facilities and at the [Croatian] port of Omišal,” the minister said, adding that government measures and previously accumulated reserves have supported energy security, although long-term structural solutions are still required.

She emphasised the need to restore predictability and stability to the company’s operations amid ongoing uncertainty over its ownership structure.

NIS has been at the centre of negotiations involving Russian, Hungarian, and other international stakeholders after coming under U.S. sanctions. In January 2025, the U.S. Treasury Department added NIS and its majority shareholder, Gazprom Neft, to its sanctions list, with restrictions taking effect later in the year after several delays.

Earlier developments include a memorandum of understanding between Gazprom and Hungary’s MOL Group regarding the possible sale of a stake in NIS. Serbian authorities have also increased their ownership share in the company, giving Belgrade greater influence in shareholder decisions. MOL has additionally been in talks with the UAE’s ADNOC about potentially joining NIS as a minority shareholder.

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has extended NIS’s operating license until July 1, including allowances for negotiations involving potential restructuring and the participation of new investors. The license for Croatia’s JANAF pipeline operator to supply crude to NIS has also been extended through the same date.

By Sabina Mammadli