U.S. OFAC extends operating license of Serbia's NIS until April 17

MOSCOW. March 17 (Interfax) - The United States Treasury Department's Office of Foreign Assets Control (OFAC) has extended the operating license of Serbia's Naftna Industrija Srbije (NIS) until April 17, Serbian media reported, quoting Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic.

The minister said good news like this was especially important at the moment, when oil prices on world markets are growing rapidly.

The previous OFAC license allowed NIS to operate until March 20. NIS also requested OFAC permission to continue operations while negotiations regarding the sale of its shares are ongoing.

Hungary's MOL has reached an agreement with Russia's Gazprom Neft to purchase 56.15% of Serbia's NIS. MOL could subsequently sell a minority stake in NIS to Abu Dhabi National Oil Company (ADNOC), and Serbia could increase its stake in NIS by 5 percentage points in the future. Completion of the transaction requires approval from OFAC, as well as from Serbian state and regional authorities. The parties plan to sign the purchase agreement by March 31, 2026.

NIS is currently majority owned by Gazprom Neft (44.85%), with another 11.3% held by Intelligence JSC (managed by Gazprom Capital LLC). Gazprom directly owns one NIS share. The Serbian government owns 29.87% of NIS, and the Serbian company also has minority shareholders.

NIS, as a subsidiary of Gazprom Neft, was included in the U.S. Specially Designated Nationals and Blocked Persons (SDN) List in early 2025. Serbian President Aleksandar Vucic said at the time that the U.S. was demanding the complete withdrawal of Russian capital.

NIS is the only company in Serbia that explores for and produces hydrocarbons. The company has a large oil refinery in Pancevo and dominates Serbia's oil product market. NIS also has a chain of more than 400 filling stations in Bosnia and Herzegovina, Bulgaria and Romania.