BUDAPEST, March 24 (Reuters) - Hungary's MOL said it received U.S. approval to continue negotiations regarding the acquisition of a majority stake in Serbia's NIS refinery, with the deadline for
MOL Receives U.S. Approval to Extend NIS Acquisition Talks with New Deadline
Extension of Negotiations and Background
U.S. Approval and New Negotiation Deadline
BUDAPEST, March 24 (Reuters) - Hungary's MOL said it received U.S. approval to continue negotiations regarding the acquisition of a majority stake in Serbia's NIS refinery, with the deadline for negotiations extended until May 22.
Background on U.S. Treasury's Involvement
OFAC's Initial Deadline and Russian Stakeholders
In December, the U.S. Treasury's Office of Foreign Assets Control (OFAC) gave NIS until March 24 to negotiate the divestment of the stakes held by Russian firms Gazprom and Gazprom Neft, at 44.9% and 11.3% respectively.
Details of the Acquisition Agreement
MOL's Agreement with Russian Companies
In January, MOL said it had signed a binding agreement with Russian companies to buy their stakes in NIS and the United Arab Emirates' ADNOC would be a minority stakeholder.
Reporting and Writing Credits
(Reporting by Anita Komuves; writing by Anna Wlodarczak-Semczuk;)
