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Stock Markets June 3, 2026 08:19 AM

MOL Seeks Additional Month from U.S. to Finish Talks on NIS Acquisition

Budapest-based MOL asks OFAC for a 30-day extension as Serbia, Gazprom Neft and MOL continue negotiations over the fate of the country's sole refinery

By Derek Hwang SIBN

Hungary's MOL has requested a 30-day extension from the U.S. Office of Foreign Assets Control to finalize its negotiations to buy a majority stake in Serbia's NIS, Serbia's energy minister said. The request comes ahead of a June 6 deadline tied to an earlier short extension and follows a January binding agreement between MOL and Russia's Gazprom Neft and Gazprom to sell a combined 56.16% stake in the Serbian oil company.

MOL Seeks Additional Month from U.S. to Finish Talks on NIS Acquisition
SIBN

Key Points

  • MOL has asked the U.S. Office of Foreign Assets Control for an additional 30 days to complete negotiations for acquiring a 56.16% stake in NIS.
  • NIS remains under U.S. sanctions imposed in October due to its Russian ownership, and Washington has pushed for divestment of the Russian stake.
  • Serbia owns 29.9% of NIS and Belgrade must agree with MOL on the company's future operations before the transaction can close; NIS runs Serbia's only oil refinery, affecting the country's energy sector.

Hungary's MOL has formally asked the U.S. government for an extra month to complete talks over its planned acquisition of a majority holding in Serbia's state-linked oil company NIS, Serbia's energy minister said on Wednesday.

The request was filed with the U.S. Office of Foreign Assets Control - OFAC - and seeks a further 30 days beyond the existing timetable. The appeal precedes a June 6 deadline that itself was set after MOL received a two-week extension last month to conclude discussions with Russia's Gazprom Neft concerning the purchase of a 56.16% stake in NIS.

Serbian Energy Minister Dubravka Djedovic Handanovic relayed the request following a meeting in St Petersburg with Gazprom Neft chief executive Alexander Dyukov. The minister said MOL had asked OFAC for additional time to finish negotiating the sale of the company and that Dyukov had signalled NIS would also seek a U.S. extension for an operating licence currently due to expire on June 16.

NIS has been subject to U.S. sanctions since October because of its Russian ownership. Those measures are part of a broader set of restrictions aimed at the Russian energy sector. U.S. authorities have urged the divestment of the Russian stake in the Serbian company.

MOL announced on January 19 that it had signed a binding agreement to acquire the combined holdings of Gazprom Neft and Gazprom in NIS. The company did not make the transaction price public.

Serbia retains a 29.9% stake in NIS, with the remainder held by minority shareholders. Before any transfer of ownership can be completed, Belgrade and MOL must settle on how the company will be run going forward. NIS operates the country's only oil refinery, which makes the resolution of ownership and operational arrangements material to Serbia's energy supply.

Contextual points

  • Request for a 30-day extension submitted to OFAC ahead of the June 6 deadline.
  • MOL previously received a two-week extension to continue talks with Gazprom Neft over the 56.16% stake.
  • Operating licence for NIS cited as expiring on June 16; Gazprom Neft indicated NIS will seek an extension.

Risks

  • U.S. sanctions on NIS and the requirement for OFAC approvals create regulatory uncertainty for the transaction - this directly impacts the energy and petrochemical sectors.
  • The approaching expiry of NIS's operating licence on June 16, and the need for an extension, introduce operational uncertainty for Serbia's refinery and domestic fuel supply - this affects downstream energy markets.
  • Failure of Belgrade and MOL to reach accord on the company's future operational arrangements could delay or prevent the deal from closing, posing risks to investor and market outcomes in the regional energy sector.

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