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“The license extension granted by OFAC allows the parties to finalize 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 U.S. financial institutions to participate in the execution of the transaction,” MOL said in the announcement.
MOL had applied for the deadline extension.
MOL announced in January that it signed a binding heads of agreement with Russia’s Gazprom Neft on the acquisition of a 56.15% stake in NIS.
The transaction requires the approval of the Serbian government as well as of OFAC. NIS’s refinery in Pancevo has an annual capacity of close to 4.8 million tonnes.
NIS also operates nearly 400 service stations across Serbia, Romania, and Bosnia and Herzegovina.
In its upstream portfolio, NIS has around 173 million barrels of oil equivalent 2P reserves with daily crude and gas production in Serbia exceeding 20,000 barrels of oil equivalent per day.
It also holds exploration licences in Romania and Bosnia and Herzegovina.
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