In its latest report for 2024, NIS reported total assets of €4 billion.
The United Arab Emirates’ state oil company (UAE) ADNOC is emerging as the main candidate for the acquisition of 56.15% of the shares in the Serbian oil company NIS, which are currently held by Russian companies and are subject to US sanctions, the Financial Times reported.
NIS is also in talks with other potential buyers, including Hungary’s MOL. ADNOC’s interest is believed to be driven primarily by the strong political and economic ties between the UAE and Serbia, rather than purely commercial logic. The value of the potential deal has not yet been determined, but in its latest report for 2024, NIS reported total assets of €4 billion.
Currently, Gazprom Neft owns 44.85% of NIS, the Serbian government owns 29.87%, and Intelligence, a company indirectly controlled by Gazprom, owns 11.3%. The remaining shares are distributed among minority investors.
The US Treasury Department imposed sanctions on NIS in January because of its Russian ownership. After a series of postponements, the measures came into force in October, forcing the company to begin a phased shutdown of the refinery in Pančevo, as it can no longer secure the necessary supplies of crude oil.
Last month, the US Treasury Department’s Office of Foreign Assets Control (OFAC) demanded that Russian companies withdraw completely from NIS and allowed negotiations to begin on changing the ownership structure, setting a deadline of February 13, 2026, for a final agreement.
Serbian President Aleksandar Vučić said that the state is ready to take control of NIS if necessary and that it could buy out the Russian stake by January 15 if no other buyer is confirmed. | BGNES