The Pančevo oil refinery in Serbia has restarted operations after an almost two-month shutdown, crucially reinstating a significant segment of the nation’s energy supply chain. Energy Minister Dubravka Djedovic confirmed that nearly 2,000 employees have returned to their positions, with eurodiesel supplies anticipated to reach petrol stations starting January 27. This restart is viewed as a demonstration of the government’s commitment to shielding consumers from potential disruptions related to sanctions imposed on NIS.
Earlier this week, crude oil deliveries to the Pančevo facility recommenced via the Croatian JANAF pipeline. On January 9, NIS announced that it had secured imports of initial crude batches through this route, facilitating the resumption of refinery operations.
In parallel, discussions regarding the future ownership and strategic positioning of NIS are underway. Hungary’s MOL and Abu Dhabi’s ADNOC have both expressed interest in potential partnerships. Currently, NIS operates under an operational license valid until January 23, while broader negotiations are set to extend until March 24. The company has been functioning under temporary permissions due to sanctions imposed by the Office of Foreign Assets Control (OFAC) since early 2025, which were attributed to its majority Russian ownership.
Although these sanctions officially took effect in October 2025 after the expiration of the final waiver, OFAC had previously issued a series of licenses permitting limited operations. The restart of the Pančevo refinery marks a pivotal advancement towards stabilizing Serbia’s fuel market as discussions for a long-term solution continue.
