Have the Emirates joined the game around NIS? Serbia's energy chess in the shadow of sanctions and geopolitics

A statement made by President of Serbia Aleksandar Vucic - that a company from the United Arab Emirates could be a potential buyer of NIS (Petroleum Industry of Serbia) has opened up a series of economic and geopolitical questions.

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Although without concrete names and formal offers, the message is clear - Serbia is considering alternative scenarios for the future of its key energy company (that is under US sanctions).

NIS is not only a large company, but one of the most important levers in the country's energy system. NIS dominates oil refining, wholesale and retail fuel markets, and provides a significant part of the state's budget revenues. The majority owner, Gazprom Neft, is under Western sanctions, which puts the company in a complex and uncertain position in the long term.

In this context, NIS ceases to be exclusively an ownership issue and becomes an issue of energy security of the country. This is exactly where the mention of the United Arab Emirates as a possible partner fits in. The Emirates is a global energy player, with strong sovereign funds and the ability to balance relations with the West, Russia, and China.

For Serbia, the possible arrival of a UAE company would mean relief, in the geopolitical sense, but also a signal to the international community that Belgrade is looking for sustainable solutions without sudden cuts. Such an arrangement could ensure a more stable operations for NIS, easier access to financial markets and continued investments.

At the moment, no confirmed offer is on the table, nor is the name of a potential buyer known, but it is clear that ownership structure change models are being considered, including partial purchase of the Russian stake or the entry of a strategic partner while retaining a significant role for the Serbian state.

President Vucoc's statement also carries a strong political message. It says that Serbia is not a passive observer under international pressure, but a country that is actively seeking solutions and has room for maneuver.

At this point, the Emirates has not yet officially joined the game around NIS, but the door is clearly open. If that happens, it will not be just a business transaction, but one of the most important economic and geopolitical moves Serbia will has made in the last decade.

NIS is too important to leave its future to chance, and the messages from Abu Dhabi indicate that a solution is being sought to preserve the country's energy stability, and political balancing.

(Telegraf Biznis)