The Serbian oil sector is experiencing a pivotal transformation as NIS, the national oil company, announces a major shift in its ownership structure. This development follows extensive negotiations and the backdrop of US sanctions that have influenced the company’s shareholder dynamics.
The transfer of a 56.15% stake previously held by Russian interests to Hungary’s MOL positions MOL as the new majority owner of NIS. Concurrently, stakeholders from the United Arab Emirates (ADNOC) are anticipated to acquire part of the ownership, while the Serbian state is set to increase its stake in the company.
According to Serbian Minister of Mining and Energy Dubravka Djedovic, key terms for the sale and purchase agreement between MOL and GazpromNeft have been established. This draft agreement will be presented to the US Office of Foreign Assets Control (OFAC), underscoring the importance of compliance with sanctions in this transaction.
The negotiations have yielded favorable conditions for Serbia compared to the original privatization deal from 2008, with an increase in Serbia’s ownership stake by 5%. This enhancement strengthens Serbia’s voting rights within NIS’s shareholders’ assembly, thereby bolstering its capacity to safeguard national interests.
Minister Djedovic also indicated that formal inclusion of UAE partners in the final ownership structure is expected, which would diversify NIS’s shareholder base as it adapts to a new operational framework post-sanctions.
