US Extends Deadline for MOL’s Negotiations to Acquire Control of Serbian NIS Until June 16
US Treasury’s OFAC grants Hungary’s MOL additional time to finalize purchase of Gazprom’s stake in Serbia’s Naftna Industrija Srbije.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has granted Hungarian energy company MOL Nyrt. an extension until June 16 to continue negotiations for acquiring a controlling interest in Serbia’s Naftna Industrija Srbije a.d. (NIS), a major oil refining company partly owned by Russia’s Gazprom.
This update was disclosed by MOL on the Budapest Stock Exchange on Saturday, June 6, signaling progress since the previous extension was granted on May 22. MOL expressed confidence that the additional time will allow for the completion of transaction documentation.
Background on Sanctions and Market Impact
NIS was added to the US sanctions list in January 2025 due to Gazprom’s ownership stake, leading to restrictions that came into effect on October 9, 2025. These sanctions have severely disrupted operations, including the halting of crude oil supplies through the Adriatic pipeline (JANAF) via Croatia and the shutdown of refining activities at the Pančevo refinery.
Gazprom Neft holds 44.9% of NIS’s shares, with an additional 11.3% owned by Gazprom’s investment arm. The Serbian government controls 29.9%, while the remaining shares are held by private investors and company employees.
“Negotiations have advanced considerably since the last extension, and this decision will help complete the deal documentation,” a MOL spokesperson stated.
On January 19, Serbia’s Minister of Mining and Energy, Dubravka Đedović-Handanović, confirmed that MOL and Gazprom Neft had agreed on key terms for the sale of the Russian stake in NIS. The Serbian government has reportedly negotiated improved terms, including the potential to increase its shareholding by 5% in the future. The Abu Dhabi National Oil Company (ADNOC) may also participate in the transaction.
The finalized agreement will be submitted to OFAC for final approval. Previously, OFAC had extended the license allowing shareholder negotiations until March 24, 2026. MOL requested an extension until July 6 but was instead granted a shorter extension to June 16.
This development continues to attract attention from energy market participants and investors closely watching sector rotations and trading volumes amid geopolitical sanctions affecting energy assets.
