NIS Set to Restart Pancevo Refinery as First Adriatic Crude Shipment Arrives Under Temporary U.S. License

Overview

• Serbia’s energy minister said about 85,000 tonnes of crude will arrive this week, enabling a restart around January 16 and first diesel on the market around January 26–27.
• Croatia’s JANAF has resumed non‑Russian crude deliveries under an OFAC license valid through January 23, and NIS holds a separate operating license to the same date.
• President Aleksandar Vučić said the buyer for the Russian-held stake will be known in days, naming MOL and ADNOC as possibilities.
• Vučić expects a final sale contract by February–March, with the U.S. Treasury extending the negotiation window to March 24.
• Serbia is preparing to lift its stake by 5% and has reserved 164 billion dinars in the 2026 budget in case the state must assume control of NIS.