MOL, Gazprom Neft could get 15 more days from OFAC to complete talks on NIS sale - Vucic
MOSCOW. June 16 (Interfax) - Hungary's MOL and Russia's Gazprom Neft could receive an additional 15 days from the United States Treasury Department's Office of Foreign Assets Control (OFAC) to complete negotiations on the purchase and sale of Naftna Industrija Srbije (NIS), Serbian media reported, citing Serbian President Aleksandar Vucic.
OFAC had, following a request by MOL, extended the deadline for negotiations to acquire a controlling stake in NIS to June 16. The NIS operating license was also due to expire on June 16.
It emerged on Tuesday that Serbia and MOL had signed a shareholder agreement on the future management of NIS. MOL is still in talks with Gazprom Neft to acquire a 56.15% stake in NIS. In addition to signing the purchase agreement, additional permits from regulatory bodies are required to complete the transaction, the key one being OFAC.
MOL has reached an agreement with Gazprom Neft to purchase 56.15% of 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 Serbia's government.
NIS is currently majority owned by Gazprom Neft with 44.85%, with another 11.3% held by JSC Intelligence, 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 Serbia's only hydrocarbon exploration and production company. It 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.
