US Extends Deadline for MOL’s Acquisition Talks of Serbian Oil Firm NIS Amid Sanctions
US Treasury allows MOL until June 16 to finalize negotiations to buy Gazprom’s stake in Serbian oil company Naftna Industrija Srbije.
The US Treasury’s Office of Foreign Assets Control (OFAC) has granted Hungarian energy company MOL Nyrt. an extension until June 16 to continue negotiations for acquiring a controlling stake in Serbian oil refiner Naftna Industrija Srbije a.d. (NIS), in which Russian energy giant Gazprom holds significant shares.
This extension, announced by MOL on the Budapest Stock Exchange on June 6, follows a previous extension granted on May 22. MOL states that negotiations have advanced substantially since then and hopes the additional time will allow for the completion of the transaction documentation.
Sanctions and Energy Supply Disruptions
NIS was added to the US sanctions list in January 2025 due to Gazprom’s ownership stake, with restrictions coming into force on October 9, 2025. These sanctions resulted in the halting of oil deliveries through the Adriatic pipeline (JANAF) in Croatia and the suspension of production at the NIS refinery in Pančevo, Serbia.
Gazprom Neft controls 44.9% of NIS shares, while an investment division of Gazprom holds an additional 11.3%. The Serbian government owns 29.9%, and the remaining shares belong to private investors and company employees.
“The extension allows us to finalize documentation that would enable a smooth transition and mitigate further disruptions in the regional energy market,” a MOL representative stated.
In January, Serbia’s Minister of Mining and Energy, Dubravka Đedović-Handanović, confirmed that MOL and Gazprom Neft had agreed on key terms for the sale of Gazprom’s stake in NIS. The Serbian government reportedly improved its negotiating position, potentially increasing its ownership by 5% post-deal. Additionally, Abu Dhabi National Oil Company (ADNOC) may join the acquisition.
The final agreement will be submitted to OFAC for approval. Previously, OFAC extended the license permitting shareholder negotiations until March 24. MOL had requested an extension until July 6 but received a shorter deadline from US authorities.
This transaction is closely watched by investors in the energy and fintech sectors given the implications for regional energy security, the impact of sanctions on corporate transactions, and the role of digital compliance systems in navigating complex geopolitical environments.
