NIS

What NIS does

NIS (Naftna Industrija Srbije a.d. Novi Sad) is a vertically integrated oil and gas company founded in 1955 and headquartered in Novi Sad, Serbia. As one of the largest integrated energy systems in Southeast Europe, NIS operates across the entire petroleum value chain — from oil and gas exploration and production in Serbia, Romania, and Bosnia and Herzegovina, through refining at the Pančevo Oil Refinery (Serbia's sole refinery), to retail distribution through over 400 petrol stations under the NIS Petrol and GAZPROM brands across Serbia, Bosnia and Herzegovina, Romania, and Bulgaria. The company controls approximately 80% of Serbia's fuel market.

The company's refining operations at Pančevo are technologically advanced, featuring delayed coking technology for petroleum coke production and the first IPPC environmental permit issued to a Serbian energy facility. NIS has invested over €1.4 billion in refinery modernization since 2009, supporting production of motor fuels, JET A-1 aviation fuel, marine bunker fuel, bitumen, lubricants (marketed under the NISOTEC brand), LPG, CNG, and consumer products including Jazak spring water. In Q1 2026, NIS produced 280,000 tons of oil and gas equivalent and added 13,500 tons from new wells using horizontal drilling technology at the Velebit field.

NIS generates revenue through upstream production licensing, refining margins on crude processing (336,000 tons processed in April 2026), retail fuel sales at market prices, wholesale distribution to industrial customers, and electricity trading across six Balkan markets. The company employs 10,000+ people and is listed on the Belgrade Stock Exchange (ticker: NIIS). Since October 2025, NIS has operated under U.S. OFAC sanctions due to its 56.16% Russian ownership (Gazprom Neft and Gazprom), receiving successive waivers enabling continued operations; a binding agreement was signed in January 2026 for MOL Group to acquire the Russian stake with ADNOC as co-investor, pending final OFAC clearance by the July 1, 2026 deadline.

Name

NIS

Legal name

Naftna Industrija Srbije a.d. Novi Sad

Website

https://www.nis.rs

Company type

Public

Founded year

1949

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

NIS (Naftna Industrija Srbije) is a vertically integrated oil and gas company operating Serbia's only refinery at Pančevo, producing motor fuels, aviation fuel, lubricants, and bitumen. It supplies 80% of Serbia's fuel market through 400+ retail stations across the Balkans, serving both retail consumers and industrial customers.

Ownership category

akta.pro rank

Product category

Integrated Oil and Gas (Exploration, Refining and Fuel Retail)

NAICS

Petroleum and Coal Products Manufacturing (3241), Gasoline Stations (4571), Industrial Gas Manufacturing (32512)

SIC

Petroleum Refining (2911)

akta.pro primary industry

CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• Oil and gas exploration
• Crude oil refining
• Retail fuel distribution
• Petroleum product sales
• Electricity trading

Headquarters

HQ city

Novi Sad

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Oil and Gas Exploration and Production: Exploration and production of crude oil and natural gas primarily in Serbia, with operations also in Romania and Bosnia and Herzegovina. The company produced 280,000 tons of oil and gas equivalent in Q1 2026.
2. Oil Refining: Processing of crude oil at the Pančevo Oil Refinery, producing motor fuels, aviation fuel, fuel oil, lubricants, bitumen, and petroleum coke. Refinery processed 336,000 tons of crude oil in April 2026.
3. Retail Fuel Sales: Sale of petroleum products through over 400 petrol stations under NIS Petrol and GAZPROM brands across Serbia, Bosnia and Herzegovina, Romania, and Bulgaria
4. Electricity Trading: NIS is active in electricity trading on markets including Serbia, Bosnia and Herzegovina, Montenegro, Romania, Slovenia, and Hungary

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

NIS is a vertically integrated oil and gas company that explores and produces crude oil and natural gas, refines crude oil at Serbia's only refinery in Pančevo, and distributes petroleum products through over 400 retail petrol stations under NIS Petrol and GAZPROM brands across Serbia and the Balkans. Its product portfolio includes motor fuels, aviation fuel, bunker fuel, lubricants (NISOTEC brand), bitumen, petroleum coke, fuel oil, compressed and bottled gas, and Jazak spring water, complemented by electricity trading on regional markets.

Product overview

NIS (Naftna Industrija Srbije) is a vertically integrated energy company operating across Southeast Europe. The company's product portfolio centers on its core petroleum business: crude oil exploration and production (upstream), refining at the Pančevo Oil Refinery (downstream), and retail fuel distribution through over 400 petrol stations under the NIS Petrol and GAZPROM premium brands. Downstream products include motor fuels (gasoline and diesel), aviation fuel (JET A-1), bunker fuel, fuel oil, compressed and bottled gas, bitumen, and petroleum coke. NIS also markets its own NISOTEC brand of lubricating oils and greases, plus consumer products like Jazak spring water. Retail services include the Drive.Go contactless mobile payment app and the Sa Nama na Putu loyalty program. The Pančevo refinery, with €1.4+ billion invested since 2009, is one of the most modern and ecologically advanced refineries in the region.

Differentiator

Problem solved

Functional benefit

Brands

• NISOTEC: NIS's own brand of lubricating oils and greases marketed across the Balkans region.
• Drive.Go
• Sa Nama na Putu (With Us on the Road)
• Jazak
• Energize

Products and services

• Motor Fuel (Motorno gorivo) Standard and premium gasoline and diesel fuels for vehicle transportation, sold through NIS's network of over 400 retail petrol stations under NIS Petrol and GAZPROM brands across Serbia and the Balkans.
• Oils and Lubricants (Ulja i maziva) Automotive and industrial lubricating oils and greases for various applications, marketed under NIS's proprietary NISOTEC brand across the Balkans region.
• Aviation Fuel (Avio-gorivo)

Quantifiable outcome

• 336,000 tons of crude oil processed in April 2026 (11.3% increase from March)
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Janaf (Croatian oil pipeline operator)minorOthers · 17 June 2026Croatian pipeline operator Janaf received US OFAC license to continue supplying crude oil to NIS until July 1, 2026, via the Adriatic Pipeline, enabling non-Russian crude imports for the Pančevo refinery.
• Republic of SerbiacoreStrategic or Co-development Partner · 17 June 2026Serbian government holds 29.9% stake in NIS and signed a separate shareholders' agreement with MOL regarding its existing stake. Serbia has an option to purchase an additional 5% stake contingent on OFAC approval of the main transaction.
• MOL GroupcoreStrategic or Co-development Partner · 19 January 2026Hungarian energy company MOL signed a binding agreement to acquire the combined 51.56% stake held by Gazprom Neft and Gazprom in NIS. The transaction is pending US Treasury (OFAC) approval due to sanctions on NIS over Russian ownership. MOL plans to involve ADNOC as financial co-investor and sell 5% stake to Serbian state.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• INA Industrija Nafte: Croatian vertically integrated oil and gas company with refining, retail, and exploration activities. INA competes with NIS across the Western Balkans retail and refining markets and shares the CEE integrated business model.
• MOL Group: Hungarian integrated oil and gas company with upstream, refining, and retail operations across Central and Eastern Europe. MOL is the binding acquirer of NIS's 56.16% Russian stake, making it the most directly comparable peer and the proposed new controlling owner.
• Petrol d.d. Ljubljana: Slovenian energy company with retail fuel stations and energy trading across the Western Balkans. Operates in adjacent CEE markets with a comparable B2C retail and energy distribution model.
• Rompetrol (KMG): Romanian integrated oil group owned by KazMunayGas, operating the Petromidia refinery and a regional retail network. Rompetrol directly competes with NIS in the Romanian fuel retail market and in CEE refining.
• Hellenic Petroleum: Greek integrated refining and marketing company operating three refineries and a retail network in Greece and the Balkans. Comparable in integrated business model and Mediterranean/CEE regional positioning.

Broad incumbents

• OMV: Austrian integrated oil and gas major with refining and retail across Central and Southeastern Europe. OMV's regional retail network and Borealis petrochemicals overlap with NIS's downstream product portfolio and Balkans presence.
• PKN Orlen: Poland's largest integrated oil and gas company with refining, retail, and upstream operations across Central Europe. Orlen's Litvinov and other CEE assets compete with NIS's regional footprint and represent a much larger scale incumbent peer.
• Lukoil: Russian integrated oil major with refining and retail across Eastern Europe. Comparable vertically integrated model and is one of the regional incumbents against which NIS competes for Balkan market share.
• TotalEnergies: Global integrated oil and gas major with refining, retail, and trading operations across Europe including the Balkans. Provides scale and strategic benchmarking for NIS's downstream and trading segments.

Regional players

• Tatneft: Russian vertically integrated oil company with upstream production and refining. Comparable integrated structure though primarily focused on Russian domestic markets; relevant as a fellow Russian-origin regional integrated oil and gas peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/NISrbije
• Facebookfacebook.com/NisAdNoviSad
• LinkedInlinkedin.com/company/nis-a-d-novi-sad
• Instagraminstagram.com/kompanija_nis
• Xx.com/kompanijanis

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NIS