Fuel production has resumed at the Pančevo oil refinery in Serbia after an almost two-month shutdown, restoring a critical part of the country’s energy supply chain. According to Energy Minister Dubravka Djedovic, nearly 2,000 employees have returned to work, and eurodiesel supplies are expected to reach petrol stations from 27 January. The minister emphasized that the restart demonstrates the Government’s commitment to protecting consumers from disruptions linked to sanctions imposed on NIS.
Crude oil deliveries to Pancevo resumed earlier this week via the Croatian JANAF pipeline. NIS announced on 9 January that it had secured imports of the first crude batches through this route, enabling the refinery to restart operations.
Meanwhile, discussions are ongoing regarding the future ownership and strategic positioning of NIS. Alongside Hungary’s MOL, interest in a potential partnership has also been expressed by Abu Dhabi’s ADNOC. NIS currently holds an operational license valid until 23 January, with broader negotiations extended to 24 March. The company has been operating under temporary permissions following sanctions imposed by the Office of Foreign Assets Control (OFAC) at the start of 2025, citing its majority Russian ownership.
Although the sanctions formally took effect in October 2025 after the final waiver expired, OFAC had previously issued a series of licenses allowing limited operations. The restart of the Pancevo refinery now represents a key step toward stabilizing Serbia’s fuel market, while talks continue on a long-term resolution.