Serbia's NIS seeks new US sanctions waiver to allow crude oil imports

BELGRADE, March 12 (Reuters) - Serbia's Russian-owned NIS NIIS.BEL oil company has sought another sanctions waiver from the U.S. to allow crude imports while it awaits the completion of a sale to Hungary's MOL MOLB.BU, the company said on Thursday.

NIS operates Serbia's only oil refinery in the northern town of Pancevo, and supplies 80% of the Balkan country's fuel needs.

The U.S. Office of Foreign Assets Control (OFAC) imposed sanctions on NIS in October as part of broader measures targeting Russia's energy sector over Moscow's war in Ukraine.

Last December, OFAC gave NIS until March 24 to negotiate the sale of majority stakes held by Russia's Gazprom Neft SIBN.MM and Gazprom GAZP.MM. It also granted a waiver allowing NIS to import crude that expires on March 20.

"The request (to OFAC) emphasises the importance of the company’s regular operations for the (Serbian) economy, especially in light of global developments and the situation on the world oil market, and points to advanced negotiations to change NIS’s ownership structure," NIS said in a statement.

On January 19, MOL said it had signed a binding agreement with Russian companies to buy their stake in NIS. Gazprom and Gazprom Neft hold 11.3% and 44.9% stakes in NIS, respectively. The Serbian government has a 29.9% stake, while the remainder belongs to small shareholders and employees.

Kazakhstan was Serbia's largest crude supplier last year, accounting for nearly 60% of imports, followed by Nigeria and Guyana. Iraq was previously the main supplier with over 50% in 2022, but that situation changed due to market conditions. All imported crude arrives via tankers to the Croatian island of Krk and is then transported through the JANAF JANF.ZA pipeline.