Serbia’s NIS has formally asked the US Department of the Treasury to extend its special operating license, which allows the company to continue functioning despite sanctions tied to its ownership structure. The current authorization is scheduled to expire on 1 July.
The existing license has enabled NIS to carry out normal business operations, including crude oil processing at its refinery. Discussions over NIS’s ownership structure are ongoing alongside the license renewal process.
US licenses covering Gazprom Neft and MOL talks
A separate US license covering negotiations between Gazprom Neft and Hungary’s MOL regarding a potential sale of Gazprom Neft’s controlling stake in NIS is also due to expire on 1 July. That approval was previously extended for a short period of 15 days.
The sensitivity of the negotiations has kept the authorization timelines closely linked to progress in the transaction talks. As both approvals approach their end date, US authorities’ next decision will determine whether operations can continue under the same framework.
Serbia prepares NIS governance changes pending OFAC approval
Serbia has continued preparations for a possible ownership restructuring of NIS. Earlier this month, the country signed a shareholders’ agreement with MOL that sets out a future governance framework for the company.
The shareholders’ agreement will only take effect if Gazprom Neft and MOL complete the transaction and receive approval from the US Office of Foreign Assets Control (OFAC). With both key licenses expiring on 1 July, attention is focused on whether US authorities will grant another extension and how talks over NIS ownership and control will proceed.
