OFAC extends license of Hungary's MOL to negotiate on purchase of Serbian NIS from Gazprom Neft until Oct 30

MOSCOW. Oct 1 (Interfax) - The United States Treasury Department's Office of Foreign Assets Control (OFAC) has extended until October 30 the license of Hungarian company MOL to continue negotiations on purchasing Serbia's Naftna Industrija Srbije (NIS) , part of Gazprom Neft , MOL said.

As reported, Hungary's MOL previously reached an agreement with 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). Furthermore, Serbia could increase its stake in NIS by five percentage points in the future.

Serbian authorities and MOL previously signed a shareholder agreement on the future management of NIS. Negotiations between MOL and Gazprom Neft on NIS are ongoing. In addition to signing the purchase and sale agreement, additional regulatory approvals are required to complete the transaction, the key one being from OFAC.

OFAC has issued a new operating license to the Serbian company NIS, valid until October 30.

NIS, as a subsidiary of Gazprom Neft, was included in the U.S.' Specially Designated Nationals and Blocked Persons (SDN) List at the beginning of 2025. Serbian President Aleksandar Vucic at the time said that the U.S. was demanding a complete withdrawal of Russian capital from the company.

NIS is currently majority owned by Gazprom Neft (44.85%), with another 11.3% held by JSC Intelligence, which is 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 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.