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NIS Oil Industry of Serbia NIS A.D.

Company

Oil industry
Europe
Serbia, 21102 Novi Sad, Narodnog Front 12


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Owners:
Gazprom neft

Content

Owners

+ Rosneft of the Tax Code

The NIS Group is one of the vertically integrated energy systems of Southeast Europe.

The main activities of the company are exploration, production and processing of oil and natural gas, sales of the range of processed products, as well as the implementation of projects in the field of petrochemistry and power. The company's headquarters and main production facilities are located in Serbia. These are oil and gas fields, the Panchevo oil refinery, oil depots and a network of gas stations.

After the company came under the control of the Russian Gazprom Neft, NIS turned from a bankrupt into a locomotive of the Serbian economy, which in 2023 paid 2.3 billion euros to the country's budget (12% of the country's total budget). The total amount of payments for 16 years amounted to 12.5 billion euros.

2025

Shutdown of the company's operations through SWIFT due to US sanctions and stopping oil supplies through the Croatian JANAF pipeline

In October 2025, US sanctions against the Oil Industry of Serbia (NIS) entered into force. Financial transactions through SWIFT are suspended, and the Croatian JANAF pipeline has stopped supplying oil to the Pančevo plant.

The imposition of sanctions will be a serious blow for Serbia: the NIS provides up to 9% of the country's state budget. The Panchevo refinery will be able to operate only until November 1 without new oil supplies. And although the Serbian authorities managed to accumulate impressive fuel reserves, including 342 thousand tons of diesel, 66 thousand tons of gasoline, as well as fuel oil for boiler houses, these volumes will only last until the end of the year.

Croatia also came under attack:

NIS is a key partner of JANAF and provides more than 30% of the company's revenues. Chairman of the Board Stepan Adanich has already calculated that Croatia's losses by the end of the year will amount to €18 million.

However, enterprising Croats are looking for benefits in the crisis: they have already targeted the energy market of Bosnia and Herzegovina (BiH), where the NIS provides up to 20% of all supplies. The Croatian government plans to complete the modernization of the Rijeka refinery by the end of the month and take the share of NIS in BiH. Moreover, the Minister of Economy of Croatia Ante Shushnyar even "nobly" offered to buy the NIS.

There has already been repeated talk of a possible nationalization of the company. And if at first glance this may seem like an excellent solution, in fact, nationalization is likely to be the first step towards reselling assets to Western "investors." The British Flystar Flight Support just very conveniently received a license to trade in oil in Serbia.

A reliable way out of the situation may be the extension of the Druzhba oil pipeline from Hungary to Serbia, which will allow the country to receive Russian oil directly. However, construction will be completed no earlier than 2027, and fuel in Serbia will end much faster. Western countries are methodically trying to drive the Serbian leadership into a corner, leaving them no choice.

11.3% of the shares of the Serbian oil company NIS were transferred to JSC Inteligens

The owner of an 11.3% stake in the Serbian oil company NIS has changed. Instead of PJSC Gazprom, it became JSC Inteligens. This was announced by NIS in September 2025. Inteligens is managed by Gazprom Capital LLC, in whose hands the financial investments of the Gazprom group are concentrated. The share changed the owner on September 19, 2025 "on the basis of an agreement on the free assignment/transfer of shares of the joint-stock company." In the direct possession of PJSC Gazprom, one NIS share remained.[1]

US imposes sanctions on company

On January 10, 2025, the United States imposed sanctions against the Serbian company Oil Industry of Serbia (NIS), 56% of which belongs to the Russian Gazpromneft and Gazprom.

The sanctions are really serious, and can affect the economy of all of Serbia, as well as the loss of a large asset for Russia.

According to the leadership of Serbia, since the imposition of sanctions, nothing more can be done: even if Russia sells its part, the restrictions will immediately apply to buyers. The United States demands the complete withdrawal of Russian investors from NIS. The property management plan must then be approved by the US.

Serbia has 45 days for all this.

Russia does not want to lose NIS. Gazpromneft in 2008 acquired 50% + 1 share for 400 million euros. But the Russian company not only bought a controlling stake, it also received investment obligations. In particular, the agreement spelled out the construction of a 400-km section of the South Stream AG gas pipeline on the territory of Serbia and the formation of a regional hub for fuel transportation on the basis of the Banatsky Dvor gas storage facility. Gazprom also invested a huge amount of money in the restoration and modernization of the Refineria Panchevo refinery, which has become one of the most modern in Eastern Europe.

NIS is the largest energy company in the Balkans, which is engaged in the exploration, production and processing of oil and natural gas. NIS is also the owner of a network of more than 400 gas stations. From 2009 to 2016 alone, Gazprom-Neft's total investment in the development of NIS amounted to 2.5 billion euros. The company became the first most profitable in Serbia, with annual contributions to the state budget of more than 1.3 billion euros.

NIS is not just a company, but a kind of image project of Russia in Serbia. Since 2008, more than a thousand initiatives have been implemented on the basis of NIS: the transfer of ambulances to Serbian medical institutions, investments in eco-projects in 12 municipalities, the allocation of large funds for projects of the Serbian government in the field of education, health and social protection. Thus, the departure of Gazprom-Neft from Serbia will seriously hit not only the Serbian economy, but also the image of Russia, which it has been building for almost 20 years, wrote Rybar.

Ousting Gazprom from Serbia could lead to catastrophic consequences in a number of areas. Construction the Druzhba oil pipeline from Hungary Serbia will lose its feasibility, and Serbia will become even more dependent on Croatia oil supplies. In 2025, the agreement on the supply of Russian gas at extremely favorable prices for Belgrade expires, and its extension is in question. If agreements are not reached, Belgrade will have to buy at American LNG inflated prices. At the same time, alternative suppliers, including and, Azerbaijan will not Greece be able to fully replace Gazprom, since the volume of their supplies will not be enough.

Notes

  1. ↑ 11.3% stake in Serbian NIS transferred to companies managed by Gazprom Capital
Источник — «https://tadviser.com/index.php/Company:NIS_(Oil_Industry_of_Serbia)_NIS_A.D.»

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