NIS Sale: MOL Gets a New US Licence to Prepare Takeover of Russian Stake
OFAC let MOL carry out preparatory steps until 28 February, but not close the deal. Hungary expects agreement on NIS by 11 December.
Hungary's MOL said on Thursday, 5 November, that the US Treasury's Office of Foreign Assets Control (OFAC) had issued it and its subsidiary MOL Serbia Investment Kft an additional licence connected with the planned takeover of the Russian-owned stake in Serbia's oil company NIS. The licence is valid until 28 February, B92 and Insajder report.
What the licence allows
The licence covers certain transactions needed to transfer the shares held by the Russian side to MOL Serbia Investment, and related steps, including obtaining approvals from Russian state bodies. MOL stressed that it does not amount to approval to conclude the transaction: removing Russian ownership and control of NIS still needs a separate, specific OFAC authorisation. On 30 October OFAC extended MOL's permission to negotiate the takeover, and NIS's own operating licence, to 11 December.
Hungary's deadline
Hungarian Foreign Minister Anita Orbán told the portal Telex this week that all parties have a strong intention to agree the purchase of the Russian stake by 11 December, without commenting on the negotiations or price. She said MOL's ownership could also help Hungary in talks with Croatia's JANAF, whose pipeline supplies crude to NIS's refinery in Pančevo. Politika reported on Friday that NIS will not be sold without Russian consent and that talks continue.
What is at stake for Serbia
Gazprom Neft is NIS's largest shareholder with about 56.15%. Under an agreement signed in June, Serbia would buy an additional 5% if MOL becomes the majority owner. NIS runs Serbia's only refinery and supplies most of its fuel market, so the 11 December deadline is one of the most urgent files for the incoming government; Student List figures have said they want a contingency plan in case the sale or licence extension fails.
Sources
- B92 — MOL gets additional OFAC licence for NIS stake takeover (in Serbian)
- Insajder / Tanjug — MOL gets OFAC licence related to potential NIS takeover (in Serbian)
- Srpske.rs — Anita Orbán: NIS deal on Russian stake by 11 December (in Serbian)
- Telegraf Biznis — Student List demands on banks, power and fuel (in Serbian)
This report is written by The Serbian Review from the sources listed above; facts are attributed where they could not be independently verified. Spotted an error? See our Corrections Policy.
