The story
1949–1991: Naftagas
The precursor of today's NIS was the "Oil Exploration and Production Company" with headquarters in Zrenjanin, founded in 1949 by the decision of the government of the Federal People's Republic of Yugoslavia (FPRY). The "Company for Oil Exploration and Production Naftagas" was established in 1953 pursuant to the decision of the government of FPRY, when management was relocated to Novi Sad. During the 1950s, first petrol stations and warehouses in this area were opened. Oil refineries in Pančevo and Novi Sad were put into operation in 1968. At the end of 1973, sales and distribution organizations "Jugopetrol-Beograd" and "Jugopetrol-Novi Sad" were integrated into the company.
1991–2008: Naftna Industrija Srbije
Naftna industrija Srbije (NIS), in its present form, was established in 1991 as a public company for the exploration, production, refining and sales and distribution of oil, petroleum products and natural gas. The company gave rise to three present-day companies: NIS, Srbijagas, and "Transnafta". In October 2005, NIS was transformed into a joint-stock company, appointing its own Shareholders’ Assembly, Board of Directors and other managing bodies.
2008–2022
In 2008, the Russian company Gazprom Neft became the majority shareholder, pursuant to the "Sales and Purchase Agreement" between the Republic of Serbia and the Russian Federation on the purchase of 51% of shares for €400 million and €550 million in investments until 2012. Adjoining contracts signed with Gazprom were about inclusion of Serbia in the South Stream gas-pipeline project and the construction of an underground gas storage facility in Banatski Dvor. On 24 December 2008, final contract between the Government of Serbia and Gazprom were signed.
In January 2010, about 20% of remaining shares of NIS were distributed by the Serbian government to the Serbian citizens. In June 2010, NIS was transformed into an open joint-stock company, and is listed on the Belgrade Stock Exchange since 30 August 2010. In March 2011, Gazprom Neft announced that it will purchase an additional 5.15% of shares of NIS, increasing their original share from 51% to 56%. NIS held a monopoly on all oil imports in Serbia until 2011.
In accordance with its strategy of becoming a regional leader, in 2011 NIS started to expand its business rapidly in the region. Subsidiary companies were established in Bosnia and Herzegovina, Bulgaria, Hungary and Romania.
In 2012 the construction of hydrocracking and hydrotreatment facilities (MHC/DHT) was completed in Pančevo Oil Refinery, marking the completion of the first stage of modernization of NIS refining facilities.
Two years later, in 2013, the realization of the cogeneration project began (production of electric and thermal energy from gas obtained from oil and gas fields in Serbia). The first cogeneration facility was commissioned in Sirakovo, after which another 13 mini power plants were put into operation. The surplus of electric energy, produced by NIS, is since then sold on the free market. The company strives towards constant implementation of new technologies, thus in 2016 an Amin Plant for the purification of natural gas started operating within the Plant for the preparation and transport of oil and gas in Elemir. The second stage of the Pančevo Oil Refinery modernization has begun in 2017 with the construction of the bottom-of-the-barrel plant with delayed coking technology, with the intent to make Pančevo Oil Refinery one of the most modern in Eastern Europe.
2022–present
In May 2022, the ownership structure was changed, with Gazprom Neft transferring 6.15% of shares to Gazprom, to avoid international sanctions on oil embargo introduced as reaction to the Russian invasion of Ukraine. The sanctions however came into effect in December 2022 when the supply of Russian crude oil through the Adria oil pipeline from Croatia ceased. Non-Russian oil could still be imported through the pipeline. As of 2025, the company had 5,273 employees and €2.47 billion in revenue.
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On 9 June 2023, NIS acquired additional stakes in HIP-Petrohemija LLC Pancevo from Serbia so that it holds the majority with 90%. The European Commission approved the merger in September 2022.
On 10 January 2025 United States announced sanctions on NIS which were meant to take place on 28 February. On 15 January 2025, Belgrade Stock Exchange halted all trading on NIS stocks for next 13 days, as a consequence of announced sanctions by the United States. The introduction of the sanctions was delayed multiple times before coming into effect on 9 October 2025. The sanctions stopped crude-oil deliveries through the Adria oil pipeline, NIS's only import route. The resulting supply interruption caused the Pančevo refinery to suspend production for 36 days, the production resumed in January 2026 after OFAC issued a temporary operating license.
In September 2025, Gazprom transferred an 11.3% interest in NIS from PJSC Gazprom to Intelligence JSC, a company managed by Gazprom Capital, while PJSC kept one NIS share.
In January 2026, it was announced that MOL Group had agreed to acquire Gazprom Neft’s 56.15 per cent shareholding in Naftna Industrija Srbije through a heads of agreement. The transaction, which remained subject to regulatory approvals, would result in MOL obtaining majority control of the company.
From Wikipedia’s article on Naftna Industrija Srbije, shared under CC BY-SA 4.0.4