MOL Gets More Time to Negotiate Acquisition of Russian-Owned Stake in Serbia’s NIS

Hungarian energy giant MOL has received additional time from the United States government to continue negotiations over the potential acquisition of a majority stake in Serbia’s oil company NIS, a deal that would reduce Russian ownership in the firm and help address U.S. sanctions concerns.

According to a statement released by MOL, the company has been granted a new license by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), allowing discussions to continue until June 16. The extension gives the parties extra time to finalize documentation related to the proposed transaction.

The planned deal centers on the purchase of a 56.16% stake in NIS currently owned by Russia’s Gazprom Neft. NIS, one of Serbia’s largest energy companies, has been under pressure due to U.S. sanctions imposed over its Russian ownership structure. The sanctions are part of broader measures targeting Russia’s energy sector following Moscow’s invasion of Ukraine.

Washington has encouraged the reduction or elimination of Russian control in NIS, prompting ongoing negotiations involving MOL and other stakeholders. While talks continue, NIS has obtained several temporary waivers from U.S. authorities, allowing the company to maintain operations despite sanctions restrictions.

MOL stated that negotiations have made significant progress in recent weeks. The company noted that the latest OFAC license extension provides sufficient time to complete the remaining legal and transaction-related documentation necessary to move the deal forward.

The latest extension follows an earlier two-week waiver granted in May, which allowed negotiations to continue through June 6. As discussions approached that deadline, MOL requested another extension to ensure all aspects of the transaction could be finalized properly.

If completed, the acquisition would mark a major development in the Central and Eastern European energy market, potentially reshaping ownership of Serbia’s key oil and gas assets while reducing Russian influence in the region’s energy sector.