Croatia ready to purchase Serbian oil company as US sanctions kick in

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Croatia’s Minister of Economy, Ante Šušnjar, has commented on the newly imposed US sanctions on Naftna Industrija Srbije (NIS), the Serbian oil company majority-owned by Russia’s Gazprom Neft.

Speaking to Croatian Television (HRT), Minister Šušnjar confirmed that the Janaf oil pipeline will no longer be transporting oil to Serbia, following the end of a temporary licence which allowed deliveries until 15 October.

“They have no exemption, although Janaf had a licence to transport oil to NIS until 15 October. My information shows that all oil from Janaf’s terminals and pipelines has already been delivered, which means there is no more transport to Serbia,” Šušnjar said.

“Croatia is a loyal partner of NATO and the EU”

Šušnjar emphasised that the move will not cause financial losses for Janaf, the state-owned oil transport company.

“There will be no losses for Janaf, it is simply a missed opportunity. However, Janaf is continuously working on diversifying its business, so we will seek to compensate elsewhere,” he explained.

He also noted that this development will not affect Croatia’s position in ongoing negotiations with Hungary’s MOL Group over supplying sufficient oil volumes to Hungary and Slovakia.

“No, it does not endanger our position, because the Republic of Croatia, the European Union, and US President Donald Trump all stress that Russian oil should not be imported. As a loyal NATO and EU partner, Croatia has invested significantly in its infrastructure. We are ready to supply sufficient oil quantities to Hungary, Slovakia, and Serbia when circumstances and geopolitical conditions allow,” the minister said.

Potential move for Croatia to take over NIS

Šušnjar also revealed that Croatia is prepared to consider taking over NIS to ensure continuity of operations and safeguard Janaf’s long-standing interests.

“Our hand is extended. If that is the solution, we are ready for that option in order to secure Janaf’s business continuity and protect the company’s interests, which have been closely linked with NIS for 40 years,” he stated.

According to Šušnjar, such a move could benefit both Serbia and Croatia, and potentially help stabilise fuel supplies in the region.

“The refinery in Pančevo supplies around 20 percent of the fuel market in Bosnia and Herzegovina. This is an additional challenge for Bosnia and Herzegovina as well. By the end of this month, we expect to complete the modernisation of the Rijeka refinery, which will increase capacity and allow us to assist Bosnia and Herzegovina, and partly Serbia,” he added.