OFAC gives MOL license for NIS acquisition

The Hungarian MOL company said it was granted an additional license by the US Treasury’s OFAC on the acquisition of a stake in the Serbian Oil Industry (NIS). “The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has granted MOL and MOL Serbia Investment Kft. an additional licence in connection with the potential acquisition of an ownership interest in NIS a.d. Novi Sad (“NIS”),” a MOL press release said. It said the license authorizes “transactions necessary for the transfer to MOL Serbia Investment Kft. of Russian-issued securities and related activities, including the obtaining of certain required Russian governmental approvals”. The licence is valid until 28 February 2027, it added.