MOL Receives U.S. Approval to Continue NIS Negotiations

The Hungarian oil and gas company MOL Plc. notified the capital markets Friday evening on the website of the Budapest Stock Exchange that it received an official license from the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) to continue negotiations on the purchase of a majority shareholding of Naftna Industrija Srbije a.d. (“NIS”) until June 6, 2026.

Zsolt Hernádi, Chairman and CEO of MOL Group commented that ”over recent months, we have engaged in intensive negotiations with all key stakeholders of the NIS transaction and have made significant progress. We entered into the final phase of these very complex negotiations. We are optimistic, however, certain terms and conditions remain to be finalized over the coming weeks. We continue to believe that the transaction would benefit all parties involved and would contribute to the long-term supply security of the region in general and Serbia specifically.”

Serbian Energy Minister Dubravka Djedovic Handanovic wrote on a social media page Friday evening that the Serbian government, led by President Aleksandar Vucic, is continuing negotiations with MOL regarding the shareholder agreement. She emphasized that the situation is complex, but that the Serbian government’s goal is to find a long-term solution and protect Serbia’s interests.

Aleksandar Vucic has stated on several occasions in recent days that negotiations with MOL are not going well, and he is not very optimistic that an agreement will be reached by the May 22 deadline. The head of state emphasized that a solution to the situation must be found urgently, as the current uncertainty is unsustainable in the long term.