US gives Hungary's MOL more time for talks to buy Serbian oil firm NIS

Hungary's largest oil and gas corporation, MOL has been granted more time ​by the US government to negotiate the ‌purchase of a majority stake in Serbia's NIS, an oil company controlled by Russia, MOL said, Report informs via Reuters.

The deal involves ​buying a 56.16% stake held by Russia's ⁠Gazprom Neft in NIS.

NIS is subject ​to US sanctions imposed in October over ​its Russian ownership, part of broader measures targeting Moscow's energy sector following its invasion of Ukraine. Washington ​has been pushing for the divestment ​of the Russian stake, and NIS has secured a ‌series ⁠of waivers from the US government in the interim.

MOL has received a license from the US Treasury's Office of Foreign Assets ​Control (OFAC) to ​continue negotiations ⁠until June 16, it said in a bourse filing.

Negotiations have ​progressed materially and the current additional ​license ⁠extension allows for the finalization of transaction documentation, MOL said.

MOL secured a deadline last month ​until June 6 to ​finalise talks before requesting another extension on Wednesday to complete the talks.