Serbian oil and gas company NIS has asked the US Department of the Treasury to extend its special operating license. The authorization currently allows the company to continue operating despite sanctions tied to its ownership structure. The existing license is scheduled to expire on 1 July.
The current authorization has enabled NIS to keep normal business operations, including crude oil processing at its refinery. This continuation has been in place while discussions on NIS’s ownership structure remain under way. A separate US license also faces the same 1 July deadline.
US license covering Gazprom Neft and MOL talks
The second US authorization covers negotiations between Gazprom Neft and Hungary’s MOL over a potential sale of Gazprom Neft’s controlling stake in NIS. That approval had previously been extended for a short period of 15 days. The timing reflects the sensitivity of the ongoing talks.
Serbia prepares governance framework for potential restructuring
Serbia has continued preparations for a possible ownership restructuring of NIS. Earlier this month, Serbia signed a shareholders’ agreement with MOL covering the future governance framework for the company. The agreement is set to become effective only if Gazprom Neft and MOL complete the transaction. It also requires approval from the US Office of Foreign Assets Control (OFAC).
With both key licenses due to expire on 1 July, focus is on whether US authorities will grant another extension. Attention is also on how negotiations regarding NIS’s future ownership and control will proceed.
