MOL Group receives OFAC approval to continue NIS acquisition talks until May 22

BUDAPEST - The Office of Foreign Assets Control (OFAC) of the US Ministry of the Treasury has granted a request by the Hungarian oil firm MOL Group to extend until May 22 a deadline for talks on its acquisition of the majority stake in the Serbian oil company NIS, MOL announced on the Budapest Stock Exchange website.

NIS is under US sanctions due to its Russian-majority ownership.

"The license extension granted by OFAC allows the parties to finalise the sales and purchase agreement and other transaction documents in accordance with the terms of the heads of agreement signed in January 2026, while also enabling US financial institutions to participate in the execution of the transaction," MOL said in a statement.

"Upon completion of the transaction, MOL will be able to acquire the Gazprom Group’s 56.15 pct stake in the Serbian company NIS, thereby assuming significant shareholder responsibility and management rights in the company that operates the country’s sole oil refinery, which will further strengthen its presence in the Central and Southeastern European energy market," it said.

The transaction is also subject to approval by the OFAC and the Serbian government, MOL said.