oil

Serbia seeks U.S. license as NIS ownership negotiations advance

Serbian President Aleksandar Vučić announced that Russian shareholders are currently negotiating with three potential buyers for their stake in oil company NIS, and that the talks are approaching a conclusion. He added that Serbia will soon begin discussions with U.S. officials to obtain a special license that would enable the Pančevo refinery to continue operating […]

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Romania prepares emergency legislation to enable sale of Lukoil’s petrotel refinery

Romania is preparing special legislation to enable the sale of Lukoil’s local assets, including the Petrotel refinery, marking a shift in strategy after Energy Minister Bogdan Ivan initially argued that the state should take direct control of the facility rather than request additional time under the U.S. sanctions deadline of 21 November. The United States

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Region: MOL and Slovnaft accuse JANAF of undermining EU supply security

Oil companies MOL and Slovnaft have written to the European Commission’s Directorate-General for Competition to raise serious concerns over the conduct of Croatia’s state-owned pipeline operator JANAF, warning that its actions are undermining the security of non-Russian oil supplies. In their letter, the companies state that JANAF recently informed them it would accept already-purchased and

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Serbia: NIS ownership shift nears completion as Russia moves to sell its stake

Russian shareholders have agreed to sell their 56.15% stake in the Serbian oil company NIS, according to Minister of Mining and Energy Dubravka Djedović. She stated that the identity of the potential buyer remains confidential, noting that negotiations are still underway and that naming the party prematurely would be inappropriate while key terms of the

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Bulgaria takes control of Lukoil operations as company considers court response

Russian oil company Lukoil announced that it may pursue legal action if it determines that its rights or legitimate interests have been infringed. The statement came after Bulgaria decided to transfer management authority over Lukoil Neftochim Burgas, Lukoil Bulgaria, and several affiliated companies to a special commercial administrator, effective 17 November 2025. Lukoil stressed that

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Serbia boosts emergency fuel reserves amid sanctions pressure on NIS

Serbia has intensified efforts to strengthen its emergency fuel reserves in the coming weeks. As part of the plan, the state is arranging deliveries of 38,000 tons of petrol, approximately 66,000 tons of diesel, and an additional 86,000 tons of crude oil to reinforce national stockpiles. Energy Minister Dubravka Đedović announced the measures during consultations

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Bulgaria confirms no extra U.S. conditions for Lukoil sanctions waiver

Energy Minister Zhecho Stankov stated that Bulgaria is not subject to any additional U.S. conditions for the recently approved sanctions exemption for Lukoil to take effect. He said that Washington’s decision to postpone enforcement has eased the pressure seen in recent weeks, and noted that the waiver could be extended again if necessary. According to

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US gives Serbia three months to remove Russian ownership from NIS

The United States has given Serbia a three-month deadline to find a new owner for oil company NIS, whose majority shareholders are Russia’s Gazprom Neft and Gazprom, both of which are under US sanctions. Serbian Energy Minister Dubravka Đedović said the US Treasury Department, through the Office of Foreign Assets Control (OFAC), informed Belgrade that

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Region: US extends license for Lukoil asset transactions until 13 December

The US Department of the Treasury’s Office of Foreign Assets Control has issued a new license allowing transactions related to the sale of Lukoil’s international assets to continue until 13 December. In addition, four Lukoil subsidiaries operating in Bulgaria have received authorization to maintain their activities until 29 April 2026. The same 13 December deadline

Region: US extends license for Lukoil asset transactions until 13 December Read More »

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