MOL Group: US Treasury has granted a license allowing negotiations on the acquisition of NIS through July 31

Hungary’s MOL Group has received a license from the U.S. Treasury that allows negotiations on the acquisition of a majority stake in Serbia’s NIS refinery to continue until July 31, 2026. This extension follows earlier approval granted in March, which initially set a deadline of May 22 for the completion of discussions. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) had previously mandated that Russian stakeholders, including Gazprom and Gazprom Neft, divest their holdings in NIS by March 24. In January, MOL announced a binding agreement to acquire these stakes, with the United Arab Emirates’ ADNOC set to hold a minority interest. The ongoing negotiations reflect the complex regulatory environment surrounding foreign investments in energy assets, particularly those with historical ties to sanctioned entities. MOL has not disclosed further details on the timeline or terms of the potential acquisition.