MOL Secures U.S. Approval for Serbian Refinery Takeover Talks

Hungary's MOL received U.S. approval to negotiate acquiring a majority stake in Serbia's NIS refinery. The deadline extends to May 22. Previously, OFAC required NIS to conclude deals on Russian stakes by March 24. MOL agreed with Russian firms to buy their stakes with ADNOC as a minority partner.

Hungary's MOL announced receipt of U.S. approval to advance negotiations for purchasing a majority stake in Serbia's NIS refinery. This development extends the negotiation deadline until May 22.

Earlier in December, the U.S. Treasury's Office of Foreign Assets Control (OFAC) mandated that NIS finalize the divestment of stakes held by Russian entities Gazprom and Gazprom Neft by March 24. The Russian firms hold stakes of 44.9% and 11.3%, respectively.

In January, MOL confirmed that it had entered into a binding agreement with the Russian companies to acquire their shares in NIS. Furthermore, the United Arab Emirates' ADNOC is expected to join as a minority stakeholder.