US Grants MOL Additional 10 Days to Finalize Negotiations for NIS Acquisition
US Treasury extends deadline to June 16 for MOL to conclude deal for control of Serbian oil company Naftna Industrija Srbije amid Gazprom sanctions.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has granted Hungarian oil firm MOL Nyrt. an extension until June 16 to continue negotiations to acquire a controlling stake in the Serbian oil refining company Naftna Industrija Srbije a.d. (NIS). MOL announced the deadline extension on June 6 via the Budapest Stock Exchange.
This extension follows a previous deadline prolongation on May 22, during which negotiations reportedly made significant progress. MOL expressed optimism that the extra time would allow for the completion of transaction documentation ahead of the deal closure.
Background to the NIS Acquisition and Sanctions Impact
NIS became subject to US sanctions in January 2025 due to the ownership share held by Russian energy giant Gazprom. The restrictions took effect on October 9, 2025, and have severely disrupted operations, including halting oil supplies through the Adriatic Pipeline (JANAF) in Croatia and suspending refining activities at the Pančevo refinery.
Gazprom Neft holds a 44.9% stake in NIS, while Gazprom’s investment unit owns an additional 11.3%. The Serbian government maintains a significant 29.9% holding, with the remainder owned by private investors and company employees.
On January 19, Dubravka Đedović-Handanović, Serbia’s Minister of Mining and Energy, confirmed that MOL and Gazprom Neft had agreed on the main terms of the prospective sale of the Russian stakes in NIS. She noted that Serbia had negotiated improved terms and expected to increase its shareholding by 5%. Additionally, Abu Dhabi National Oil Company (ADNOC) was reported to potentially join the acquisition consortium.
"The agreement will be submitted to the US Treasury's OFAC for final approval," stated Minister Đedović-Handanović, emphasizing the regulatory hurdles ahead for the transaction.
OFAC had previously extended the license permitting shareholder negotiations on the Russian stake sale until March 24. MOL sought a further extension until July 6 to finalize the deal, but the US regulator set an earlier deadline.
From an investor relations perspective, the extension granted by OFAC provides MOL with a critical window to finalize legal and financial documentation, essential for satisfying compliance requirements under US sanctions regimes. The outcome of these negotiations will materially affect MOL’s balance sheet by potentially increasing its asset base with NIS and reducing the operational risks linked to sanctions-related disruptions.
Market participants will be closely monitoring the financial disclosures from MOL as they navigate this complex acquisition amid geopolitical challenges. The deal’s success or failure will have implications for MOL’s capital structure and future cash flow projections as the company seeks to consolidate its position in the regional energy market.
