Russian shareholders have agreed to sell their 56.15% stake in the Serbian oil company NIS, according to Minister of Mining and Energy Dubravka Djedović. She stated that the identity of the potential buyer remains confidential, noting that negotiations are still underway and that naming the party prematurely would be inappropriate while key terms of the deal are still being finalized.
The Minister emphasized that the Government has maintained transparency throughout the process and that its core priorities remain unchanged: the refinery must stay operational, and crude oil supply needs to be secured as quickly as possible. She also pointed out that Serbia has not received any crude oil via the Croatian JANAF pipeline for 43 days; despite this, fuel supply to consumers has remained stable due to precautionary measures previously taken in anticipation of potential disruptions involving NIS.
Djedović further explained that NIS, through its U.S.-based legal representatives, has submitted a request to American authorities for an extension of its operating license—an essential requirement for maintaining crude oil deliveries and continuous refinery operations in Pančevo. The Government is currently awaiting Washington’s decision on whether the proposed conditions meet U.S. regulatory expectations. Under U.S. sanctions since 9 October due to its majority Russian ownership, NIS has filed a new request with the Treasury Department’s Office of Foreign Assets Control seeking authorization to continue business without interruption.
According to local media reports, ADNOC—the state oil company of the United Arab Emirates—is currently seen as the most likely buyer of the Russian stake. Sheikh Mohamed bin Zayed al-Nahyan, ADNOC’s Chairman and President of the UAE, reportedly became personally involved after President Aleksandar Vučić asked him to consider acquiring the Russian-held shares in NIS. Sheikh bin Zayed is said to have expressed initial readiness to explore the purchase and instructed ADNOC executives to prepare a valuation of the company. After reviewing the assessment, ADNOC entered direct negotiations with the Russian owners. Although talks initially stalled due to a major valuation gap—Russia’s estimate reportedly being three times higher than ADNOC’s—the positions have since moved closer, making a preliminary agreement possible.
Before any transaction can move forward, it must receive approval from OFAC and the U.S. Department of the Treasury, given the sanctions currently applied to NIS.
