In a statement to journalists in front of the Serbian Assembly, Serbian President Aleksandar Vučić said that NIS will start procuring and processing oil right after the holidays, and that the refinery will start working at full speed around Jan. 18, writes N1.

The Serbian company is majority controlled by Russian state-owned Gazprom and was hit with sanctions last year. In line with these, the refinery and fuel station chain operator halted production a month ago.

Now, Serbia and Hungary are negotiating for the Hungarian energy conglomerate MOL to take over the Russian majority control.

In an indirect reference to MOL, Vučić expressed hope that the Russian and Hungarian sides will conclude the negotiations, while NIS can restart at full capacity in mid-January.

“I hope that by then the Russians and Hungarians will finish their work,” said Vučić, at the same time expressing the hope that there will be enough fuel for all needs in the country.

In the meantime, notes Mandiner, the U.S. Treasury Department has also allowed NIS to continue its operations, issuing a special license on Dec. 31, providing a legal basis for the company’s activities until Jan. 23, 2026. This covers restarting refinery processing, importing crude oil, and conducting transactions necessary to maintain security of supply and technical maintenance.