BAKU, Azerbaijan, November 5. Hungary's MOL Group has received an additional licence from the US Department of the Treasury's Office of Foreign Assets Control (OFAC) authorising preparatory transactions related to its potential acquisition of an ownership interest in Serbia's NIS a.d. Novi Sad, MOL said on November 5.
According to MOL, the license was granted to MOL and MOL Serbia Investment Kft. and allows certain transactions necessary for the transfer of Russian-issued securities to MOL Serbia Investment Kft., as well as related activities, including obtaining certain required approvals from Russian government authorities.
The license is valid until February 28, 2027.
However, the authorization does not cover the completion of the transaction that would result in the divestment of Russian ownership and control in NIS. A separate OFAC authorization will be required to complete the transaction.
NIS, one of Serbia's major energy companies, is subject to US sanctions related to its Russian ownership. MOL's potential acquisition is part of efforts to restructure the company's ownership.
NIS a.d. Novi Sad (Naftna Industrija Srbije) is one of Serbia's largest energy companies and a major player in the country's oil and gas sector. Other than its business in Serbia, NIS also operates in countries in the region. The oil and gas exploration and production activities are carried out in Romania and Bosnia-Herzegovina, along with the company’s retail active in Bulgaria, Bosnia-Herzegovina and Romania. NIS operates a network of over 400 petrol stations in the Balkan market under two brands – NIS Petrol and the premium brand GAZPROM. Furthermore, NIS is active in the electricity trade, where, in addition to the Serbian market, it is present in the markets of Bosnia-Herzegovina, Montenegro, Romania, Slovenia and Hungary.
