Serbia's NIS asks OFAC to extend operating license beyond March 20
MOSCOW. March 12 (Interfax) - Naftna Industrija Srbije (NIS) has asked the United States Treasury Department's Office of Foreign Assets Control (OFAC) to extend its operating license beyond March 20, when it is due to expire, the petroleum concern said.
"In its request, NIS underscores the importance of the company's undisrupted operations for the Republic of Serbia's economy, especially in light of global events and the situation on the global oil market, and also mentions the advanced stage of negotiations on changing the ownership structure of NIS," NIS said.
The OFAC previously extended the operating license until March 20. The company is asking the agency for the opportunity to continue operations while negotiations on the sale of its shares are ongoing.
Hungary's MOL has reached an agreement with Russia's Gazprom Neft to purchase 56.15% of Serbia's NIS. MOL could subsequently sell a minority stake in NIS to Abu Dhabi National Oil Company (ADNOC), and Serbia could increase its stake in NIS by 5 percentage points in the future. Completion of the transaction requires approval from OFAC, as well as from Serbian state and regional authorities. The parties plan to sign the purchase agreement by March 31, 2026.
NIS is currently majority owned by Gazprom Neft (44.85%), with another 11.3% held by Intelligence JSC (managed by Gazprom Capital LLC). Gazprom directly owns one NIS share. The Serbian government owns 29.87% of NIS, and the Serbian company also has minority shareholders.
NIS, as a subsidiary of Gazprom Neft, was included in the U.S. Specially Designated Nationals and Blocked Persons (SDN) List in early 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 that explores for and produces hydrocarbons. The company has a large oil refinery in Pancevo and dominates Serbia's oil product market. NIS also has a chain of more than 400 filling stations in Bosnia and Herzegovina, Bulgaria and Romania.
