Recent negotiations have outlined a significant shift in the management structure of Serbia’s oil company, NIS. Hungary’s MOL is positioned to take operational control as the majority shareholder, while the UAE’s ADNOC will engage through governance and supervisory roles. This transition is part of a broader strategy to enhance operational efficiency and market competitiveness.
At the World Government Summit in Abu Dhabi, Serbian Mining and Energy Minister Dubravka Đedović confirmed that talks between ADNOC and MOL regarding the acquisition of GazpromNeft’s stake in NIS are advancing on schedule. The completion of detailed financial and operational due diligence is anticipated by the end of February, setting the stage for a formal purchase agreement expected to be signed in March, ahead of the OFAC deadline on March 24.
The proposed ownership structure will see a joint ADNOC-MOL entity holding a majority stake in NIS, with MOL tasked with managing daily operations. ADNOC is set to maintain a significant minority position, contributing its expertise in large-scale oil and gas system oversight. Discussions also included plans for the Pančevo refinery, where ADNOC’s involvement could facilitate ongoing operations and potential capacity expansions based on market demand.
The negotiations have also broached the possibility of Serbia increasing its stake in NIS by an additional 5% as part of this restructuring effort. However, final approval from OFAC remains essential to finalize this transaction and alleviate sanctions affecting NIS, which is a crucial long-term goal for Belgrade.
