RoydadNaft –  According to reports in Serbian media, the United Arab Emirate’s national oil company Abu Dhabi National Oil Company (ADNOC) is the most likely buyer of the Russian majority stake in the Petroleum Industry of Serbia (NIS).

Although there is still no fully confirmed information, unofficial sources suggest that the company from Abu Dhabi is expected to take over the entire package of Russian shares.

Based on these talks and the agreements reached so far, the Russians are submitting a new request to the U.S. Office of Foreign Assets Control (OFAC) for a suspension of sanctions and a license for NIS to continue operating.

If these Russian announcements do materialise, Serbia could emerge from its energy crisis in a relatively short period of time.

Serbian Minister of Mining and Energy, Dubravka Đedović Handanović, confirmed yesterday that the Russian owners have agreed to sell their 56.15% stake in the Petroleum Industry of Serbia (NIS).

She emphasized that the name of the third party is not being disclosed because these are business negotiations between serious companies and, as she said, until the talks are completed or at least the key details are defined, it would not be appropriate to discuss them publicly.

However, As the weekly NIN has reported in several recent issues, the Russians have been negotiating with both the Hungarian oil company MOL and a sheikh from Abu Dhabi. Economic journalist Miša Brkić also confirmed that, according to his sources, ADNOC is the most likely buyer.

The chairman of ADNOC is Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE, a frequent guest of Serbian President Aleksandar Vučić.

ADNOC is the state-owned oil enterprise of the United Arab Emirates and is currently among the world’s largest producers of oil and gas. It is the 12th largest oil company in the world by production, with a capacity of more than four million barrels of oil per day.

The company operates across a wide range of energy sectors, including the exploration and production of crude oil and natural gas, the manufacturing of petrochemical products and fertilizers, global energy logistics and transport, oil refining, and the distribution of fuels, including aviation fuel.