FT: ADNOC main candidate for takeover of NIS

The state-owned energy company of the United Arab Emirates, ADNOC, has emerged as the main candidate for the purchase of the Russian majority stake in Naftna industrija Srbije (NIS), reports the Financial Times, citing several sources familiar with the negotiations. The sale, as reminded, became urgent after NIS entered the package of US sanctions targeting the Russian energy sector at the beginning of the year, due to which the company was left without previous exemptions and was forced to stop oil production.

The FT adds that, although ADNOC is the favorite, NIS is still talking to other interested companies, among which the Hungarian MOL stands out. According to the latest financial data, the total assets of NIS amount to about 4.7 billion dollars, and approximately 2.6 billion relate to the share of Russian owners, who control 56 percent of the shares through Gazprom Neft. The Serbian state holds about 30 percent, while the rest are small shareholders.