MOL gets US licence extension to negotiate purchase of sanctioned NIS oil firm

The US Treasury's OFAC has extended a licence to Hungary's MOL to negotiate a majority stake in Serbia's NIS until July 1, pending US sanctions approval.

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, MOL said in ‌a statement on Wednesday. The company offered no further details.

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. Croatian oil pipeline operator Janaf has received a similar licence from OFAC to continue supplying oil to NIS until July 1, Janaf said in ⁠a statement on Wednesday. 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.