Serbian oil and gas company NIS has formally requested that the US Department of the Treasury extend its special operating license, which currently allows the company to continue functioning despite sanctions linked to its ownership structure.
The existing authorization is set to expire on 1 July, and it has so far enabled NIS to maintain normal business operations, including crude oil processing at its refinery, while ongoing discussions over the company’s ownership structure continue.
A separate US license, which covers negotiations between Gazprom Neft and Hungary’s MOL regarding a potential sale of Gazprom Neft’s controlling stake in NIS, is also due to expire on the same date. This approval had previously been extended for a short period of 15 days, reflecting the sensitivity of the ongoing talks.
Meanwhile, Serbia has continued preparations for a possible ownership restructuring of NIS. Earlier this month, the country signed a shareholders’ agreement with MOL that outlines the future governance framework for the company. However, the agreement will only become effective if Gazprom Neft and MOL finalize the transaction and receive approval from the US Office of Foreign Assets Control (OFAC).
With both key licenses expiring on 1 July, attention is now focused on whether US authorities will approve another extension and how negotiations over the future ownership and control of NIS will ultimately unfold.
