Key facts
- MOL has been granted more time by the U.S. government to negotiate the purchase of a majority stake in Serbia's NIS.
- The deal involves acquiring a 56.16% stake in NIS from Russia's Gazprom Neft.
- NIS is subject to U.S. sanctions due to its Russian ownership.
- MOL received a license from the U.S. Treasury's OFAC to continue negotiations until June 16.
- Negotiations have progressed materially, allowing for finalization of transaction documentation.
Hungary's largest oil and gas corporation, MOL, has been granted additional time by the U.S. government to negotiate the purchase of a majority stake in Serbia's NIS, an oil company controlled by Russia's Gazprom Neft. The deal, which involves acquiring a 56.16% stake from Gazprom Neft, is complicated by U.S. sanctions imposed on NIS due to its Russian ownership following the invasion of Ukraine. Washington has been encouraging the divestment of the Russian stake, and NIS has received interim waivers from the U.S. government. MOL announced that it has obtained a license from the U.S. Treasury's Office of Foreign Assets Control (OFAC) to continue negotiations until June 16. The company stated that negotiations have made significant progress and the current extension will allow for the finalization of transaction documentation. MOL had previously secured a two-week extension until June 6 before requesting this latest extension.