The national oil company of Abu Dhabi (ADNOC) has emerged as the main candidate to purchase the 56.15 percent stake held by Russian firms in the Petroleum Industry of Serbia (NIS), which is under U.S. sanctions, Financial Times reported, as cited by See News.
However, although ADNOC is the favorite to acquire Serbia’s only refinery facility, the company is still in talks with other potential bidders, including the Hungarian oil company MOL, FT reported, citing unnamed sources familiar with the situation.
According to the outlet, ADNOC’s involvement stems primarily from the close relations between the United Arab Emirates and Serbia, rather than from strategic or business motivations.
The value of the deal is unclear, but NIS, in its latest report for 2024, declared assets worth $4.7 billion, or around €4 billion, with roughly $2.6 billion corresponding to the Russian owners’ share, FT noted.
FT’s sources recall that the Serbian government would prefer to buy back the Russian stake in NIS itself, but that the Russian co-owners are unwilling to sell to the state.
As a reminder, NIS is owned by Gazprom Neft—the oil division of the Russian energy giant Gazprom—which holds 44.85 percent of the company. The Serbian government owns 29.87 percent, and the St. Petersburg-based company “Intelligence,” indirectly controlled by Gazprom, owns 11.3 percent. The remainder belongs to minority shareholders.
The U.S. Treasury Department first announced sanctions against the Serbian company in January due to its Russian ownership.
After several delays, the restrictions took effect in October, forcing NIS last week to begin shutting down its refinery in Pančevo—with a capacity of 4.8 million tons per year, Serbia’s only refinery—due to a lack of crude oil for processing.
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Source: Danas, Foto: Naftna Industrija Srbije