Hungary's largest oil and gas corporation, MOL, secured a two-week extension from the U.S. government to complete talks to buy ?a majority stake in Serbia's NIS, an oil company controlled by Russia, Serbia's ?energy minister said on Friday.
The extension gives MOL until June 6 to finalise negotiations with Russia’s Gazprom Neft over its planned purchase of a 56.16% stake in NIS, Dubravka Djedovic Handanovic said in ?a post on Instagram. The previous deadline expired on Friday.
The deal comes under ?scrutiny because NIS is subject to U.S. sanctions imposed in October ?over its Russian ownership, part of broader measures targeting Moscow’s energy sector following its ?invasion of Ukraine. Washington has pushed for the divestment of the Russian stake.
MOL Chief ?Executive Zsolt Hernadi said the company remained optimistic, but that “certain terms and conditions remain to be finalised” in the coming weeks.
“We continue to believe that the transaction would benefit all parties involved and ?would contribute to the long-term supply security of the region in general and Serbia ?specifically,” he said in a statement.
MOL said on January 19 it had signed a binding agreement with ?Gazprom ?Neft and Gazprom to buy their combined stake, although it did not disclose the price.
Serbia holds a 29.9% stake in NIS, while the remainder is held by minority shareholders.
Belgrade and MOL must also agree on the company’s future operations before the transaction can ?be completed. NIS runs ?Serbia’s only oil ?refinery, making it central to the country’s energy supply.
“The Serbian government … is continuing talks with MOL … our aim is to find a ?long-term solution and protect Serbia’s interests,” Djedovic Handanovic said.
She said ?last week ?that the refinery’s future operations and its role in supplying the domestic market remained key sticking points.
NIS has also secured a series of waivers from OFAC allowing it to continue ?importing and ?processing crude oil despite sanctions. The current waiver ?expires on June 16.
MOL, a dominant energy player in central and eastern Europe, is seeking to expand its ?regional footprint through the deal.
(Reuters, May 22, 2026)
