NIS’s operating license extended until July 1 – MOL also receives extension for purchase negotiations

Naftna industrija Srbije (NIS) confirmed the other night that the US Treasury Department had issued it a new special license that allowed the company to continue operating activities until July 1, 2026.

This license, as NIS announced, allows the maintenance of business, contracts and other agreements involving NIS or its operating subsidiaries, including refinery processing, crude oil imports, transactions necessary for security of supply and technical maintenance, as well as financial settlements.

NIS thanked all domestic and foreign institutions that supported efforts to enable the company to operate smoothly, which was of great importance for Serbia’s energy stability.

The previous license for NIS, which is under US sanctions due to its majority Russian ownership, expired yesterday.

Yesterday, the US Treasury Department’s Office of Foreign Assets Control (OFAC) extended the Hungarian MOL license for negotiations on the purchase of the Russian stake in NIS until July 1, RTS has learned. Previous licenses - operational and for negotiations on the purchase, were valid until June 16.

Minister of Mining and Energy Dubravka Djedovic Handanovic signed on Tuesday the Shareholders’ Agreement with the MOL Group regarding the future management of Naftna industrija Srbije, which will enter into force if MOL and Gazpromneft reach an agreement and the US OFAC approves it.

The agreement stipulates that Serbia will buy an additional five percent of the shares in NIS and operate the refinery for at least 10 years at the capacity in which it operated for four years before the introduction of US sanctions.

NIS a.d. Novi Sad

Naftna industrija Srbije

NIS

US Treasury Department

OFAC

MOL

special license

license extension

sanctions

purchase of Russian share in NIS