The United States Treasury Department has extended negotiations for Hungary’s top oil and gas company, MOL, to acquire majority control of a Serbian oil firm currently owned by Russia, the Hungarian corporation announced over the weekend.
The transaction centers on acquiring a 56.16% ownership stake from Russia’s Gazprom Neft in the Serbian oil company NIS.
American sanctions were placed on NIS in October due to its Russian ownership connections, as part of wider economic measures against Moscow’s energy industry following Russia’s military action in Ukraine. The U.S. has been advocating for the removal of Russian control, with NIS obtaining multiple temporary exemptions from the American government during this period.
According to a stock exchange announcement, MOL has obtained authorization from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) to extend discussions through June 16.
The company stated that talks have advanced significantly and the latest license extension will enable completion of the transaction paperwork.
MOL had previously obtained a two-week deadline extension through June 6 last month to wrap up negotiations, before seeking another extension this past Wednesday to finish the discussions.
