The Hungarian company MOL has received US approval to continue negotiations regarding the acquisition of Russian stakes in the NIS refinery in Serbia.

The Hungarian group MOL has obtained approval from the USA to continue negotiations regarding the acquisition of a majority stake in the Serbian oil company NIS, with the deadline extended until May 22.

NIS, which is affected by American sanctions due to its Russian shareholders, holds 44.9% of shares through Gazprom Neft and 11.3% through Gazprom, which must sell their stakes. In December, OFAC set a deadline until March 24 for negotiating the sale of Russian shares. MOL has signed an agreement to acquire these stakes, and ADNOC from the United Arab Emirates will become a minority shareholder. Serbian President Aleksandar Vucic held meetings in the UAE but did not confirm details about the change in NIS's ownership.

Upon completion of the transaction, MOL will strengthen its presence in Central and Eastern Europe.

The agreement requires approval from the US Treasury and the Government of Serbia, and analysts estimate that the transaction will not be finalized before the parliamentary elections in Hungary.

NIS, which owns the only refinery in Serbia and a network of gas stations in the region, is essential for the country's fuel supply.