Serbian oil company NIS has entered a new ownership phase following months of US sanctions and negotiations over its shareholder structure. The Russian stake in the company has now been sold, marking a significant shift in control.
The 56.15% share previously held by Russian interests has been transferred to Hungary’s MOL, making it the company’s new majority owner. At the same time, investors from the United Arab Emirates (ADNOC) are expected to acquire a portion of the ownership, while the Serbian state will also increase its stake.
According to Serbian Minister of Mining and Energy Dubravka Djedovic, MOL and GazpromNeft have already agreed on the key terms of the future sale and purchase contract. The draft agreement will be submitted to the US Office of Foreign Assets Control (OFAC) for approval, highlighting the ongoing role of sanctions oversight in the transaction.
Through the negotiations, Serbia secured improved terms compared to the original 2008 privatization, increasing its ownership stake by 5%, which strengthens its voting rights at the shareholders’ assembly and enhances the ability to protect national interests.
Minister Djedovic also noted that partners from the UAE are expected to be formally included in the final ownership arrangement, diversifying NIS’s shareholder base as the company transitions to a post-sanctions structure.