MOL and ADNOC to have a total of 51.15% ownership in NIS

The plan for the purchase of the Russian stake in NIS envisages that MOL will take over 56% of ownership from Gazpromneft, and then that Serbia will receive a 5% stake from MOL. This means that MOL and ADNOC will have a little over 51% in Naftna industrija Srbije, stated Minister of Mining and Energy Dubravka Djedovic Handanovic.

She said on TV K1 that in the new company of MOL and ADNOC, MOL would certainly be the majority owner and that Serbia was now negotiating, first of all, with MOL.

- Gazpromneft is selling to MOL, as the main buyer, and after that there should be a joint company between MOL and ADNOC. They will regulate their relations, or rather percentages. These negotiations have not yet been completed, so I do not have precise information to say, but ADNOC's share is not insignificant - said Djedovic Handanovic.

When asked whether a new company between MOL and ADNOC would be created when the US OFAC approved the agreed arrangement, the minister said that it would or that it would be done in parallel, and that everything would be presented transparently to the US administration.

- In that sense, Serbia will also buy back those 5% from MOL, but it will all happen in parallel, or from MOL and ADNOC together. In any case, we are currently negotiating with MOL, and we know that in the background, of course, we are also talking to ADNOC. They are creating a joint company. The idea is that the joint company will have 56%, and that Serbia will get an additional five percent - she said.

When asked who was selling the percentage to the Arabs, Djedovic Handanovic noted that the owner of those approximately 51% would be the joint company, and not MOL and ADNOC individually.

- But in that company, the majority owner is MOL and we are making arrangements with MOL, as the majority owner, it will make decisions - said Djedovic Handanovic.