Abu Dhabi National Oil Company (ADNOC) has reportedly emerged as the leading contender to acquire the 56.15 % stake held by Russian companies in Serbian oil company NIS, which is currently under US sanctions.
Although ADNOC is viewed as the frontrunner to take over Serbia’s only refinery, NIS continues discussions with other potential buyers, including Hungarian MOL. ADNOC’s interest is understood to be driven largely by the strong political and economic ties between the UAE and Serbia, rather than purely commercial motives. The transaction value has not yet been defined, but NIS reported 4 billion euros in total assets in its latest 2024 filing. The Serbian Government would prefer to acquire the Russian stake itself, but Russian shareholders have so far resisted selling directly to the state.
Currently, GazpromNeft holds 44.85 % of NIS, the Serbian Government owns 29.87 %, and Intelligence, a company indirectly controlled by Gazprom, holds 11.3 %. The rest is distributed among minority investors.
The US Treasury first imposed sanctions on NIS in January due to its Russian ownership. After multiple delays, the measures took effect in October, forcing the company to start shutting down its refinery in Pancevo, as it could no longer secure sufficient crude oil supplies.
Last month, the US Office of Foreign Assets Control (OFAC) demanded a complete exit of Russian firms from NIS and authorized negotiations for a change in ownership structure, setting a deadline of 13 February 2026 for a final agreement. Serbian President Aleksandar Vučić has stated that the state is prepared to take control of NIS if needed and could purchase the Russian stake by 15 January should no third-party buyer be confirmed.
