Moscow, Belgrade to be able to defend Serbia's NIS from EU sanctions - Lavrov

MOSCOW. March 28 (Interfax) - Russia and Serbia will be able to resolve the problem of defending NIS Group, Serbia's national energy company, from the European Union's sanctions, Russian Foreign Minister Sergei Lavrov said.

"I am sure this issue will be resolved," Lavrov said in an interview with Serbian media outlets.

"We have very good relations, you know the role [NIS Group] plays in your country's economy and what contribution this business makes to the Serbian budget," he said.

"I am convinced a solution will be found on the basis of agreements between our countries and our companies. There can be no doubt about that," Lavrov said.

Gazprom Neft, which has been subject to the EU's blocking sanctions, owns 56.15% in NIS, while Serbia owns a 29.87% stake in the company.

NIS Group, which is part of Gazprom Neft, reported a net profit of 21 billion dinars in 2021, compared to a net loss of 7.6 billion dinars in 2020 because of the coronavirus pandemic. The company's investments in 2021 amounted to 20.2 billion dinars in 2021 and 25.3 billion dinars in 2020.

NIS Group produced 1.194 million tonnes of oil equivalent in 2021, 1.259 million tonnes in 2020 and 1.29 million tonnes in 2019. The Pancevo Oil Refinery's processing grew by 9% to 3.945 million tonnes of oil, the highest level since 2009. The company also marketed a record of 4.031 million tonnes of oil products in 2021, 14% more than in the previous year.