OFAC LICENSES EXPIRE TODAY

BELGRADE, OCTOBER 30 /SRNA/ - The license issued by the US Office of Foreign Assets Control /OFAC/ allowing Naftna Industrija Srbije /NIS/ to operate expires today, as does the license for Hungarian oil company MOL's negotiations with Russia's "Gazprom Neft" on the takeover of NIS.

Also expiring today is the OFAC license allowing the Adriatic Pipeline /JANAF/ to transport crude oil to NIS.

NIS is awaiting OFAC's response to its request, submitted on Saturday, October 24, for a special license that would allow it to continue operating.

The request highlighted the company's importance for ensuring continuous supply to the domestic market, stating that the regular operation of the Pančevo Oil Refinery is crucial for preserving Serbia's energy stability.

OFAC imposed sanctions on NIS on October 9 last year because of the company's majority Russian ownership.