Hungarian oil and gas company MOL has obtained an extension from the US Treasury Department to continue negotiations for the purchase of a controlling stake in Serbian oil firm NIS, easing immediate pressure ahead of a previously looming ownership deadline.
The new deadline is now set for 22 May, granted just hours before the original 24 March deadline, which had been linked to the required restructuring of NIS’s ownership. The Serbian company has faced scrutiny due to its majority stake being held by Russian entities, placing it under the scope of US sanctions targeting Russia’s energy sector.
Under the sanctions framework managed by the US Office of Foreign Assets Control (OFAC), NIS was required to resolve the future of shares held by Gazprom and GazpromNeft, which together control a majority of the Serbian energy group. Earlier this year, MOL signed a binding agreement with the Russian shareholders to acquire their combined stake, with UAE-based ADNOC expected to join the deal as a minority partner. The latest US decision provides additional time for the parties to finalize the sale agreement and complete the necessary transaction documents.
The extension also allows US financial institutions to participate in the transaction, a key step in completing a deal of this scale.
If finalized, the acquisition would transfer 56.15 % of NIS from the Gazprom group to MOL, granting the Hungarian company a dominant ownership position and significant management influence over the Serbian firm. NIS plays a strategically important role in the regional energy market, including ownership of Serbia’s sole oil refinery.
The transaction still requires approval from both the US Treasury and the Serbian Government before it can be completed.
