Recent negotiations have established a new framework for the ownership and management of the Serbian oil company NIS. Hungary’s MOL is set to become the majority shareholder, thereby assuming operational control, while the United Arab Emirates’ ADNOC will engage through governance and supervisory roles. This shift is significant in the context of Serbia’s energy landscape, particularly given NIS’s strategic importance in the region.
During discussions at the World Government Summit in Abu Dhabi, Serbian Mining and Energy Minister Dubravka Đedović highlighted that negotiations concerning ADNOC’s acquisition of GazpromNeft’s stake in NIS are advancing as anticipated. A thorough financial and operational due diligence process is expected to conclude by the end of February, facilitating a potential signing of a purchase agreement in March, ahead of the OFAC deadline on March 24.
The proposed governance structure envisions a joint venture between ADNOC and MOL, which will hold a majority stake in NIS. MOL will be responsible for the company’s day-to-day operations, while ADNOC is positioned to maintain a significant minority interest, contributing to management oversight. This collaboration aims to leverage ADNOC’s extensive experience in managing large-scale oil and gas operations. Additionally, discussions have included the future of the Pančevo refinery, with ADNOC poised to support its ongoing operations and explore opportunities for capacity expansion based on market demand.
The negotiations also touched upon Serbia potentially acquiring an additional 5% stake in NIS as part of the restructuring process. However, any finalization of these arrangements hinges on receiving necessary approvals from OFAC, which remains a critical long-term goal for Belgrade as it seeks to navigate sanctions affecting NIS.
