The General Secretary of the Association of Oil Companies of Serbia, Tomislav Mićović, reassured the public that even if the US were to impose total sanctions on the Serbian Oil Industry (NIS), the country’s fuel supply would not face a major crisis, nor would there be a sharp increase in fuel prices. Mićović stated that “everything can be overcome,” referring to previous incidents where the oil sector managed disruptions without significant price fluctuations.
He pointed out that last year, when the Oil Refinery in Pancevo underwent regular maintenance and was out of operation for three months, the fuel supply was sustained by increased imports, and there was no major price disturbance. “Prices moved in accordance with state regulation. Even without such regulation, the situation wouldn’t have been extraordinary,” Mićović explained.
In reference to past challenges, Mićović recalled the uncertainty in 2022 about the continuation of crude oil transportation via the Adriatic Oil Pipeline (Janaf), particularly after sanctions on Russia. Despite concerns, the issue was resolved. Similarly, there were periods when the Danube River navigation was blocked, disrupting oil supply for several months, but this was also addressed without major consequences.
Mićović emphasized that the stability of Serbia’s oil supply depends on the Pancevo refinery’s processing capacity and fuel imports. Currently, 80% of oil derivatives consumed in Serbia are processed in Pancevo, while 20% are imported. He noted that the only significant risk to the oil supply would be the long-term closure of the Pancevo refinery, an outcome he does not foresee.
Mićović also addressed concerns over potential sanctions, following Serbian President Aleksandar Vučić’s statement about the possibility of the US sanctioning NIS due to its Russian ownership. Mićović clarified that he had no information on any impending sanctions against NIS.
