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US Treasury Extends Serbia's Russian-Owned NIS License Through Sept. 30

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The US Treasury extended the operating license of the Russian-owned oil company Naftna Industrija Srbije through Sept. 30, allowing the company to continue operations, Serbian Energy Minister Dubravka Dedovic Handanovic said Thursday.

The extension from the Office of Foreign Assets Control allows NIS to maintain business activities and operate the Pancevo Oil Refinery, the minister said.

The refinery increased processing to about 13,000 tons per day in August to meet domestic fuel demand, while low Danube water levels have complicated imports.

Negotiations over the sale of the Russian stake in NIS continue, while the extended license allows the company to maintain safe and responsible operations, the minister said.

In a June 16 press release, the Serbian government said MOL Group continued negotiations with Gazprom Neft to acquire its 56.15% stake in NIS.

Serbia considers domestic refining capacity crucial as unstable international conditions and import challenges threaten fuel availability and energy security, the minister said.

The license extension should help ensure sufficient fuel supplies for Serbian consumers and the economy, while allowing the country to rely more heavily on domestic resources, the minister said.

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