OFAC extends NIS's license for operational activities until March 20 - Serbian media
MOSCOW. Feb 24 (Interfax) - The U.S. Office of Foreign Assets Control (OFAC) has extended the license for operational activities for Serbia's NIS (part of Gazprom Neft) until March 20, according to Serbian media outlet RTS.
The previous, similar license was valid until February 20. NIS previously requested OFAC's permission to continue operations while negotiations on the sale of the company's shares are underway. As reported, the NIS refinery in Pancevo resumed operations at the end of January after they were suspended due to U.S. sanctions coming into effect.
Simultaneously, negotiations are underway regarding the exit of the Russian shareholder from NIS. Hungary's MOL has agreed with Gazprom Neft on the purchase of 56.15% of the Serbian company.
It is assumed that MOL could later sell a minority stake in NIS to ADNOC. In addition, Serbia will be able to increase its stake in NIS by 5 percentage points in the future. Completing this deal requires approval from OFAC, as well as from state and regional authorities in Serbia. The parties plan to sign the sale and purchase agreement by March 31, 2026.
Currently, the main owner of NIS is Gazprom Neft (44.85%), with another 11.3% of shares held by JSC Intelligence (managed by Gazprom Capital LLC). Gazprom holds one share in NIS directly. The Serbian authorities own 29.87% of NIS, and the Serbian company also has minority shareholders.
As reported, NIS as a subsidiary of Gazprom Neft was added to the U.S. SDN List at the beginning of 2025. Serbian President Aleksandar Vucic said at the time that the U.S. was demanding the complete withdrawal of Russian capital.
NIS is the only company in Serbia engaged in hydrocarbon exploration and production; it also owns a large refinery in Pancevo with a capacity of 4.8 million tonnes per year. The company dominates the petroleum product market in its own country, and its network of filling stations is also represented in neighboring Balkan states, totaling more than 400 stations.
