Hungary's MOL receives additional OFAC license for preparatory transactions as part of buying out Russian shareholders' stake in Serbia's NIS
MOSCOW. Nov 5 (Interfax) - Hungary's MOL has received an additional license from the U.S. Office of Foreign Assets Control (OFAC) to carry out preparatory transactions as part of the process of acquiring shares in the Serbian energy company NIS (part of Russia's Gazprom Neft ); the new license is valid until February 28, 2027, MOL said.
The license permits the carrying out of certain operations necessary for the transfer of the Russian shareholders' stake in NIS to MOL and related activities, including obtaining the necessary permits from the Russian government, the company said.
This license does not grant the right to complete the transaction that would result in the sale of Russian property and control over NIS. Any such completion will require a separate authorization from OFAC, MOL said.
Last week, MOL said that it had received an extension from OFAC of the license to conduct negotiations on buying out the Russian stake in NIS until December 11. NIS also said that OFAC had extended its special license allowing it to carry out operational activities until December 11.
Serbia and MOL previously signed a shareholders agreement on the future management of NIS. Meanwhile, negotiations between MOL and Gazprom Neft regarding NIS are ongoing. Beyond the signing of a sale and purchase agreement, the completion of the transaction requires further regulatory approvals, most notably from OFAC.
As reported, Hungary's MOL previously agreed with Gazprom Neft to buy 56.15% in NIS. It is assumed that the Hungarian company may subsequently sell a minority stake in NIS to ADNOC (UAE). In addition, Serbia will have the opportunity in the future to increase its share in NIS by 5 percentage points.
NIS is currently majority owned by Gazprom Neft (44.85%), with another 11.3% held by JSC Intelligence, which is 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.
At the beginning of 2025, NIS, as a subsidiary of Gazprom Neft, was included in the United State's SDN List. Aleksandar Vucic, who was Serbian president at the time, said at the time that the U.S. was demanding a complete withdrawal of Russian capital.
NIS is the only company in Serbia engaged in the exploration and production of hydrocarbons; it also owns a large oil refinery in the city of Pancevo with a capacity of 4.8 million tonnes per year. The company dominates the petroleum products market in its country, and its network of filling stations is also present in neighboring Balkan states, totaling more than 400 stations.
