NIS has received a new special license from the US Treasury Department that allows the company to continue operating until 1 July, despite sanctions still linked to its Russian ownership structure. The authorization covers essential activities for day-to-day operations, including crude oil imports, refinery processing, fulfillment of contractual obligations, maintenance work, and financial transactions. The new approval replaces a previous authorization that expired on 16 June.
US Treasury authorization covers core NIS operations
The license permits NIS to carry out operational and commercial activities necessary for ongoing operations through the end of the period set by the authorization. It includes support for crude oil imports and refinery processing, as well as maintenance work and financial transactions. The document states that the approval is intended to replace an earlier authorization that had already lapsed on 16 June.
OFAC extends MOL talks over GazpromNeft stake
In parallel, the US Office of Foreign Assets Control (OFAC) extended until 1 July a separate license allowing Hungary’s MOL Group to continue negotiations. The negotiations concern the potential acquisition of GazpromNeft’s controlling stake in NIS. Both the NIS and MOL authorizations were originally scheduled to expire in mid-June.
Shareholder agreement sets governance framework for any takeover
Serbia’s ownership restructuring process has advanced after the country signed a shareholder agreement with MOL. The agreement outlines a governance framework for NIS in the event of a successful takeover. It would only come into force if MOL reaches a final deal with GazpromNeft and obtains the necessary approvals from OFAC. Under the proposed structure, Serbia would increase its ownership stake in NIS by 5%.
Pančevo refinery operating provisions tied to pre-sanctions volumes
The document also includes provisions related to future operation of the Pančevo refinery. It requires that processing volumes remain broadly in line with levels recorded prior to the introduction of US sanctions. These requirements are included within the same set of arrangements connected to NIS’s continued operation under the extended licensing period.
