New discussions have outlined a future ownership and management model for Serbian oil company NIS, with Hungary’s MOL expected to assume operational control as the majority shareholder, while the UAE’s ADNOC would participate through governance and supervisory roles.
During meetings at the World Government Summit in Abu Dhabi, Serbian Mining and Energy Minister Dubravka Đedović said negotiations between ADNOC and MOL over the acquisition of GazpromNeft’s stake in NIS are progressing as planned. Detailed financial and operational due diligence of NIS is scheduled for completion by the end of February, paving the way for signing a purchase agreement in March, within the OFAC deadline of 24 March.
Under the proposed structure, a joint ADNOC-MOL company would hold the majority of NIS, with MOL managing day-to-day operations. ADNOC would retain a substantial minority position and participate in management oversight, leveraging its experience in supervising large-scale oil and gas systems. Discussions also covered the Pančevo refinery, with ADNOC supporting ongoing operations and potential capacity expansion according to market demand.
The talks further explored the possibility of Serbia acquiring an additional 5% stake in NIS as part of the ownership restructuring. Final approval from OFAC will be required to complete the transaction and lift sanctions on NIS, a key long-term objective for Belgrade.
