United Arab Emirates state energy company ADNOC has emerged as the frontrunner to acquire Russia’s controlling stake in Serbia’s sole oil refinery, as Belgrade grows increasingly frustrated with Moscow’s delays under U.S. sanctions. ADNOC, or Abu Dhabi National Oil Company, is the main contender to buy the stake in the Serbian Oil Industry (NIS), according to four people familiar with the proposed deal who spoke to the Financial Times. While ADNOC is the favorite, NIS—the operator of the Pančevo refinery and the country’s main crude importer—is continuing discussions with other potential bidders, including Hungarian national oil group MOL, two of the sources said. The deal value remains unclear, but NIS lists assets of $4.7 billion in its latest 2024 filing, approximately $2.6 billion of which corresponds to the Russian owners’ stake.