US postpones sanctions against Serbia's NIS oil company for fourth time, Tanjug agency reports
NIS has so far secured three waivers, the last of which was due to expire later on Friday.
NIS, which is majority-owned by Russia's Gazprom Neft (SIBN.MM), opens new tab and Gazprom (GAZP.MM), opens new tab, operates Serbia's only oil refinery in the town of Pancevo, just outside the capital, Belgrade. The facility has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs.
Sanctions could jeopardise its supplies of crude.
The U.S. Treasury's Office of Foreign Assets Control initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS.
On February 26, Gazprom Neft transferred a stake of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. Gazprom Neft now owns 44.85% of NIS, while Gazprom has 11.3%. The Serbian government owns 29.87%, with the remaining shares held by small shareholders.
NIS imports about 80% of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia.
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