MOL gets US licence extension to negotiate purchase of sanctioned NIS oil firm, news agency reports

The US Treasury's OFAC has extended a licence to Hungary's MOL to negotiate the purchase of a majority stake in Serbia's NIS until July 1.

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has extended a licence to Hungary's energy company MOL to negotiate the purchase of a majority ‌stake in Serbia's Russian-owned NIS until July 1, Serbian news agency Tanjug ‌reported on Wednesday. The report offered no further details, and MOL did not immediately reply to a request for comment from Reuters.

OFAC imposed sanctions on NIS in October as ⁠the U.S. targeted ​Russia's energy ⁠sector over the war in Ukraine, and demanded that Russian firms divest the NIS shares ⁠they own. MOL signed an agreement in January to buy the combined 51.56% stake held ​by Gazprom Neft and Gazprom , pending OFAC approval.

U.S. sanctions forced NIS, ⁠which owns the only refinery in Serbia, to seek waivers from OFAC to buy and ⁠process ​crude oil, which would not be required once a share sale is completed. Late on Tuesday, OFAC granted NIS a sanctions reprieve until ⁠July 1. Also on Tuesday, MOL signed a shareholders' agreement with Serbia over its ⁠29.9% stake in ⁠NIS, separate from acquisition talks between MOL and Russian companies.