WSJ names bidder for Russian stake in Serbian NIS
Photo: EPA

Abu Dhabi National Oil Company (ADNOC), a UAE-based oil company, is negotiating the acquisition of a Russian stake in Serbia's NIS. About reports The Wall Street Journal with reference to an official US document.

According to the newspaper, the deal could still fall through. ADNOC did not respond to a request for comment.

NIS is the only oil importer in Serbia. The company's share in the Serbian oil market is 80%, according to the WSJ.

The largest shareholder of NIS is Gazprom Neft, which owns 44.85% of the shares. Another 11.3% is controlled by St. Petersburg-based JSC Intelligence, which is managed by Gazprom Capital. Serbia owns 29.87% of the company. Thus, the structure can generally be considered controlled by the Gazprom holding.

US sanctions imposed in January against NIS due to Russian control, entered into force on October 9 after the expiration of the last grace period.

on November 15, Serbian Energy Minister Dubravka Jedovic-Handanovic said that The United States insists on the withdrawal of Russian shareholders from NIS to lift sanctions. According to her, Washington agreed to negotiate a change of ownership of NIS by February 13, but did not allow the refineries to continue operating.

Later, she clarified that the Russian owners of NIS notified the US Treasury Department's Office of Foreign Assets Control (OFAC) of willingness to transfer control over the company to a third party.

  • NIS is the largest energy company in the Balkans. It is engaged in the exploration, production and refining of oil and natural gas. The company owns serbia's only oil refinery and a network of more than 400 filling stations in Serbia, Bosnia and Herzegovina, Bulgaria and Romania.