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The authorization does not permit completion of the acquisition, the Hungarian oil and gas company said Thursday.
The license, issued by the U.S. Treasury Department’s Office of Foreign Assets Control, is valid until Feb. 28, 2027, according to MOL’s announcement on the Budapest Stock Exchange website.
“The licence authorises certain transactions necessary for the transfer to MOL Serbia Investment Kft. of Russian-issued securities and related activities, including the obtaining of certain required Russian governmental approvals,” MOL said.
The company emphasized that the license does not authorize completion of a transaction resulting in the divestment of Russian ownership and control in NIS.
MOL signed a heads of terms agreement in January to acquire a 56.15% stake in NIS from Gazprom Neft. In June, it signed a shareholders’ agreement with the Serbian government covering the company’s future governance. Serbia holds a 29.87% stake in NIS.
Gazprom Neft is subject to U.S. sanctions. OFAC has separately authorized negotiations on the proposed acquisition to continue until Dec. 11.
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