MOL receives US license extension to negotiate the purchase of sanctioned NIS Oil firm, reports news agency

According to a report by the Serbian news agency Tanjug, the Office of Foreign Assets Control of U.S. Treasury has granted a license to Hungary's MOL energy company to negotiate a purchase of a majority stake in Serbia's Russian owned NIS up until July 1.

The report did not provide any further details and MOL didn't immediately respond to a comment request from.

OFAC imposed sanctions on NIS as the U.S. targeted the 'Russian energy sector' over the conflict in Ukraine. They also demanded that Russian companies divest their NIS shares.

MOL has signed an agreement to purchase the combined 51,56 % stake of Gazprom Neft & Gazprom. This is subject to OFAC approval.

NIS, the owner of Serbia's only refinery, was forced to request waivers from OFAC in order to purchase and process crude oil. This would not be necessary once an share sale has been completed. OFAC granted NIS a reprieve from sanctions until July 1.

Separate from the acquisition talks between MOL and Russian companies, MOL also signed a shareholders agreement with Serbia on Tuesday. Reporting by Aleksandar Vaovic and Anita Komuves from Budapest; Writing by Angeliki Koutantou, Aleksandar Vesovic; Editing done by Louise Heavens & Kevin Buckland

(source: Reuters)