US Treasury Extends Deadline for MOL’s Negotiations to Acquire NIS Stake Until June 16

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has granted Hungarian oil and gas company MOL Nyrt. an extension until June 16 to continue negotiations for acquiring a controlling stake in Serbia's Naftna Industrija Srbije (NIS), a company partially owned by Russia's Gazprom.

MOL announced the extension on June 6 via the Budapest Stock Exchange, indicating that progress in previous talks—following an earlier deadline extension on May 22—has been significant. The additional time will allow MOL to complete the necessary transaction documentation and move closer to finalizing the deal.

Strategic Implications Amid Sanctions and Ownership Structure

NIS was added to the US sanctions list in January 2025 due to the stake held by Gazprom, triggering restrictions effective from October 9, 2025. These sanctions disrupted oil supplies through the Adriatic pipeline (JANAF) via Croatia and forced a halt in operations at the NIS refinery in Pančevo.

Gazprom Neft currently holds 44.9% of NIS shares, with an additional 11.3% owned by Gazprom's investment arm. The Serbian government maintains a 29.9% stake, while the remainder is distributed among private investors and company employees.

In January, Serbia’s Minister of Mining and Energy, Dubravka Đedović-Handanović, confirmed that MOL and Gazprom Neft had agreed on the principal terms for the sale of the Russian stake in NIS. She emphasized Serbia's improved negotiating position, including a prospective increase in its ownership by 5%. Furthermore, the Abu Dhabi National Oil Company (ADNOC) could potentially participate in the transaction.

"Serbia managed to strengthen its position in the negotiations, which may allow it to increase its share in NIS by 5%," noted Minister Đedović-Handanović.

The finalized agreement will require OFAC’s approval before completion. Previously, OFAC extended the license permitting shareholder negotiations over the Russian stake until March 24. MOL had requested an extension until July 6 to conclude talks, but US authorities set a firmer deadline of June 16.

This delicate transaction unfolds amid a complex geopolitical and regulatory landscape, with sanctions influencing energy supply chains and ownership structures in Southeast Europe’s oil sector. MOL’s pursuit to consolidate control over NIS aims to secure strategic assets and stabilize operations disrupted by sanctions.

From a corporate strategy perspective, MOL’s negotiations reflect an effort to expand its footprint in the regional energy market, while navigating regulatory constraints and aligning with partner stakeholders, including the Serbian government and potential international investors like ADNOC.