CAIRO, EGYPT / ACCESS Newswire / November 26, 2025 / The Serbian government is examining various scenarios regarding the ownership structure of NIS, the country's national oil and gas company, as it navigates international sanctions affecting Russian-held energy assets, according to industry sources and regional media reports.

Current discussions include potential negotiations between Belgrade and the Abu Dhabi National Oil Company (ADNOC) concerning the acquisition of shares held by Russia's Gazprom Neft and affiliated entities, which control a 56.15% stake in NIS, as reported by Egyptian agency Al-Masry Al-Youm.

Market observers note that the Serbian administration is considering multiple pathways, including potential state acquisition of energy assets, which has prompted discussions among international investment partners. The investment community is monitoring developments regarding the proposed agreement between Belgrade and ADNOC for the transfer of Russian-held shares in Serbia's strategic energy company.

The ownership restructuring discussions stem from U.S. sanctions implemented on Russian energy sector participants, which have created operational considerations for Serbia's largest oil and gas operator. Industry analysts indicate that Belgrade is exploring solutions that would maintain energy infrastructure stability while addressing compliance requirements.

The proposed arrangement with ADNOC represents one potential pathway that would involve transferring the Russian stake to the UAE-based energy company. However, market sources indicate that alternative scenarios remain under consideration, including potential state involvement in the ownership structure. Such considerations reflect the complex balance Serbia must maintain between various international partnerships and domestic energy security requirements.

Economic analysts suggest that any significant shift in ownership structure could influence Serbia's investment climate and its relationships with both Eastern and Western economic partners. The country, which maintains historical economic ties with Russia while pursuing European Union integration, faces unique challenges in navigating current geopolitical dynamics.

Despite the complexity of the situation, diplomatic sources confirm that Belgrade and Abu Dhabi continue discussions regarding potential asset transfers, which could support Serbia's economic diversification objectives and enhance its energy sector capabilities. These negotiations proceed through established diplomatic and commercial channels, with both parties maintaining professional dialogue.

Industry experts note that resolution of the NIS ownership question carries implications beyond the energy sector, potentially affecting Serbia's broader economic development trajectory. The government has emphasized its commitment to maintaining transparent business practices and honoring international obligations while protecting national economic interests.

NIS operates critical energy infrastructure in Serbia, including two oil refineries and approximately 400 retail stations, employing roughly 11,000 workers and contributing substantially to state revenues through taxes and dividends. The company's stable operation remains a priority for Serbian authorities regardless of ownership structure changes.

The Ministry of Mining and Energy has stated that all options remain under review, with decisions to be made in accordance with Serbian law and international agreements. Officials emphasize that any ownership changes would be implemented to ensure operational continuity and energy security for Serbian consumers and businesses.

International energy markets continue monitoring developments, as Serbia's handling of this situation could establish precedents for other countries managing similar challenges. The outcome may influence regional energy cooperation patterns and investment flows in Southeast European energy markets.

As discussions progress, stakeholders await further clarity on timelines and mechanisms for any potential ownership transitions. The Serbian government has indicated it will provide appropriate updates while respecting the confidentiality requirements of ongoing commercial negotiations.

Media Contact:
Al-Masry Al-Youm Agency
Mohamed Salmawi
49 Al-Mubtadian Street, Al-Qasr Al-Aini, Cairo
Phone: +2 (02) 27980100
Email: pr@almasryalyoum.com
Website: https://www.almasryalyoum.com

SOURCE: Almasryalyoum