NIS a.d. Novi Sad

What NIS a.d. Novi Sad does

NIS a.d. Novi Sad is a vertically integrated oil and gas company headquartered in Novi Sad, Serbia, operating across exploration and production, refining, retail fuel distribution, electricity generation, and ancillary energy services. It is the only company in Serbia engaged in domestic oil and gas exploration and production, with E&P activities also extending into Romania, Bosnia and Herzegovina, and historically Angola. The company's primary production asset is the Pančevo Oil Refinery, with a maximum designed capacity of 4.8 million tonnes per year, producing Euro-5 standard motor fuels, aviation fuel, LPG, bitumen, petroleum coke, and petrochemical feedstocks; the refinery was modernized through a Deep Processing Complex with Delayed Coking (commissioned 2020, valued at over €300 million) and is supported by the HiPACT amine gas treatment facility in Elemir.

NIS generates revenue through multiple channels: wholesale and retail sale of petroleum derivatives via over 400 petrol stations in Serbia, Bosnia and Herzegovina, Bulgaria, and Romania under the NIS Petrol and GAZPROM brands; direct supply of Jet A-1 to airlines at Belgrade Nikola Tesla and Niš Konstantin Veliki airports; marine bunker fuel at four Danube stations; corporate fuel card programs with VAT/excise exemptions and book-credit discounts; bitumen and lubricants (NISOTEC) to industrial and construction customers; electricity and heat from the TE-TO Pančevo combined heat and power plant and eight mini power plants; and ancillary services including laboratory testing, oilfield services, transport, warehousing, and Jazak bottled water. The company is publicly listed on the Belgrade Stock Exchange with approximately five million shareholders, holds a 90% stake in petrochemical producer HIP-Petrohemija (acquired June 2023), and is majority-owned (56.15%) by Russia's Gazprom Neft — a position that placed NIS under US sanctions in October 2025 and triggered ongoing discussions regarding potential sale or nationalization of the Russian stake.

Name

NIS a.d. Novi Sad

Legal name

NIS a.d. Novi Sad

Website

https://nis.rs

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

10,001+ employees

Short description

NIS a.d. Novi Sad is Serbia's only vertically integrated oil and gas company, exploring, producing, and refining crude oil, operating the 4.8M-tonne Pančevo Refinery and 400+ retail stations across Serbia and the Balkans.

Ownership category

akta.pro rank

Product category

Integrated Oil and Gas (Petroleum Refining and Marketing)

NAICS

Petroleum Refineries (32411), Petroleum and Coal Products Manufacturing (3241), Petroleum Lubricating Oil and Grease Manufacturing (324191)

SIC

Petroleum Refining (2911), Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Distillation & Fractionation (Crude, Condensate & NGL Splitters) (EUALAGAD)

akta.pro secondary industries

Hydrotreating, Hydroprocessing & Desulfurization (HDS/HDT) (EUALAGAE), Refinery Blending & Product Quality Control (Gasoline/Diesel/Jet Blending, Additives) (EUALAGAJ), Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG), Syngas & Hydrogen Feedstocks (SMR/ATR, Refinery/Petrochem H2) (EUALAHAE), Gas Conditioning & Treatment for Industrial Use (Dehydration, Sweetening, NGL Removal) (EUALALAG)

Keywords

• Oil and gas exploration
• Petroleum refining
• Retail fuel stations
• Industrial lubricants
• Petrochemical products

Headquarters

HQ city

Novi Sad

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Oil and Gas Exploration and Production: Exploration and production of crude oil and natural gas. NIS is the only company in Serbia engaged in oil and gas exploration and production, with activities also in Romania and Bosnia and Herzegovina.
2. Oil Refining: Refining crude oil at Pančevo Refinery with maximum designed capacity of 4.8 million tonnes per year. Produces Euro-5 standard motor fuels, aviation fuel, LPG, petrochemical feedstocks, heating oil, petroleum coke, and bitumen.
3. Petroleum Product Sales and Distribution: Wholesale and retail sale of petroleum derivatives through 400+ petrol stations under NIS Petrol and GAZPROM brands in Serbia, Bosnia and Herzegovina, Bulgaria, and Romania.
4. Electricity and Heat Production: Generation of electrical and thermal energy from conventional and renewable sources. Eight mini power plants (14.5 MWe capacity) and TE-TO Pančevo combined heat and power plant operational since 2022.
5. Aviation Fuel Supply: Supply of aviation fuel (Jet A-1 and Avgas 100LL) to airlines at Belgrade Nikola Tesla and Niš Konstantin Veliki airports.
6. Marine Bunker Fuel: Supply of marine fuel at four bunker stations on the Danube (Novi Sad, Prahovo, Smederevo, Veliko Gradište).
7. Lubricants and Technical Fluids: NISOTEC brand covers all segments of the lubricants market including motor oils, industrial oils, greases, and technical fluids.
8. Bottled Water: Production and sale of natural spring water under the Jazak brand, operating for over 19 years within NIS.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

NIS a.d. Novi Sad is a vertically integrated oil and gas energy company that explores and produces crude oil and natural gas, refines crude oil at the Pančevo Refinery (4.8 million tonnes/year capacity) into motor fuels, aviation fuels, lubricants, bitumen, petroleum coke, LPG, and CNG, and distributes these products through its own network of over 400 petrol stations under NIS Petrol and GAZPROM brands across Serbia, Bosnia and Herzegovina, Bulgaria, and Romania. The company also produces electricity and heat through TE-TO Pančevo and mini power plants, and offers ancillary services including oilfield services, laboratory testing, corporate fuel cards, and bottled water (Jazak brand).

Product overview

NIS a.d. Novi Sad is one of the largest vertically integrated energy systems in Southeast Europe, offering a comprehensive portfolio of petroleum products, refined fuels, and energy services. The product portfolio includes motor fuels (G-Drive 100, G-Drive Dizel, Evro Premium BMB 95, Evro Dizel, OPTI variants, CNG, auto LPG), automotive and industrial lubricants under the NISOTEC brand, aviation fuels (Jet A-1, Avgas), marine bunker fuels, road bitumen and petroleum coke, industrial fuel oils, LPG in cylinders, and Jazak spring water. Retail operations span over 400 fuel stations under two brands: NIS Petrol (mass-market) and Gazprom (premium). The company operates the Pančevo Oil Refinery (4.8 million tons/year capacity), provides fuel card services with a corporate mobile application, operates accredited laboratory services, offers oilfield and technical services through Naftagas subsidiaries, and manages the Scientific-Technological Centre (NTC) for R&D. NIS also integrates HIP-Petrohemija (90% owned) for petrochemical operations and operates TE-TO Pančevo combined heat and power plant.

Differentiator

Problem solved

Functional benefit

Brands

• NIS Petrol: Mass-market brand of petrol stations offering reliability, accessibility, modern service standards and guaranteed quality of petroleum derivatives. Most represented in Serbia and also operates in Republic of Srpska.
• GAZPROM
• NISOTEC
• Jazak Water
• G-Drive
• OPTI
• Drive.Go
• Energize

Products and services

• Motor Fuels Premium and standard gasoline and diesel fuels under multiple brands: G-Drive 100 (100-octane premium gasoline), G-Drive Diesel (premium), Evro Premium BMB 95 (95-octane lead-free per EN 228), Evro Dizel (diesel per EN 590), OPTI Benzin 95 and OPTI Dizel (additized value grades), and OPTI Auto Gas (LPG). For consumer and commercial vehicle use.
• Compressed Natural Gas (CNG) Compressed methane gas for industrial and vehicle use, offering an economical and environmentally friendly fuel alternative.
• Aviation Fuels (Jet A-1 and Avgas 100LL) Jet A-1 aviation fuel produced at the Pančevo Oil Refinery per Defence Standard 91-091 and Avgas 100LL imported per Defence Standard 91-090, supplied to airlines at Belgrade Nikola Tesla and Niš Konstantin Veliki airports.
• Marine Bunker Fuel Euro diesel marine fuel supplied at four bunker stations on the Danube (Novi Sad, Prahovo, Smederevo, Veliko Gradište) for river transport companies, with maximum vessel performance and proper ignition.
• Road Bitumen Various bitumen grades (50/70, 70/100, 160/220, 35/50) and polymer-modified bitumens (PMB 45/80-65, PMB 25/55-55) for road construction, compliant with EN 12591:2009 and EN 14023:2010, CE marked under CPR 305/2011/EU.
• Petroleum Coke Petroleum coke produced by the delayed coking process from vacuum residue and heavy distillates, used as energy fuel in cement and brick industries.
• Industrial Fuel Oils NSGS low-sulfur fuel oil (up to 1% sulfur content) for metallurgy and industrial plants, and Euro EL extra light gas oil for industrial use and energy units with vaporization and pressure burners.
• LPG in Cylinders (TNG) Bottled LPG cylinders in household sizes (2kg, 3kg, 5kg, 10kg) and industrial size (35kg), filled at four NIS locations (Novi Sad, Čačak, Belgrade, Niš).
• NISOTEC Lubricants and Technical Fluids Full range of NISOTEC branded lubricants including synthetic, semi-synthetic, and mineral motor oils for passenger and commercial vehicles, industrial lubricants (hydraulic, compressor, gear, heat transfer, slide way, quenching, cutting oils), greases, antifreezes, brake fluids, AdBlue, and windshield fluids. Certified to ISO 9001, ISO 14001, ISO 45001, and ISO 50001.
• Jazak Spring Water Natural spring water from Fruška Gora National Park, sourced from 128 meters depth, available in still and carbonated versions (0.5L, 0.75L, 1.5L, 5L) and vitamin-enriched flavors. Operating within NIS for over 19 years.
• NIS Fuel Card New generation corporate fuel card meeting highest European standards for cashless payment at the largest fuel station network in Serbia, with card acceptance in Romania, Bulgaria, and Bosnia and Herzegovina. Available as credit, debit, financial, and quantity cards with excise and VAT exemptions and commercial discounts (book credits).
• Petrol Station Network Services (NIS Petrol and GAZPROM brands) Retail fuel station services at over 400 stations across Serbia, Bosnia and Herzegovina, Bulgaria, and Romania. NIS Petrol is the mass-market brand offering reliability, accessibility, and modern service standards. GAZPROM is the premium brand offering European-standard fuels, high-quality oils, wireless internet, and restaurant services.
• Drive.Go Mobile Application Consumer mobile application for finding petrol stations, fuel payment, and loyalty program participation, available on Google Play and App Store.
• NIS Corporate Clients Mobile Application Corporate mobile app for fuel card management featuring virtual card via QR code, expense reports, transaction details, nearest station routing, and Scan and Pay functionality for fleet operators.
• NIS Laboratory Services Accredited laboratory services under SRPS ISO/IEC 17025 at multiple Serbian locations (Certificate 01-372), conducting physical and chemical testing of crude oil, fuels, lubricants, bitumen, petroleum coke, water, chemicals, and process gases (281 test methods).
• Naftagas Oilfield Services Geophysical surveys (seismic, gravimetric, electromagnetic, geoelectrical methods), well construction and maintenance, special operations and measurements for oil, gas, and water wells.
• Naftagas Technical Services Maintenance and repair of facilities and equipment, pipeline construction, installation of technological systems for oil and gas, and preparation for drilling operations.
• NIS MTO Transport and Storage Services Passenger transport services including bus organization, fleet management, rent-a-car, limo service, and warehouse logistics with over 120,000 m² of storage space across six locations in Serbia.
• HIP-Petrohemija Petrochemical Products Petrochemical products from HIP-Petrohemija following integration into the NIS system (90% NIS ownership acquired June 9, 2023), extending the value chain from refining into petrochemistry.
• Electricity and Heat Production Combined production of electrical and thermal energy through the TE-TO Pančevo gas-fired combined heat and power plant (first in Serbia, operational since 2022, implemented with Gazprom energoholding) and eight mini power plants on oil and gas fields (14.5 MWe total capacity since 2013).

Quantifiable outcome

• Maximum refinery capacity of 4.8 million tonnes per year
• +2 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core and major.

• United States GovernmentcoreOthers · 29 October 2025US imposed sanctions on NIS on October 9, 2025 due to Russian ownership. Demands sale of Russian stake to non-Russian companies or nationalization. Granted special license to NIS for continued operations negotiations until February 13.
• HIP-PetrohemijacoreStrategic or Co-development Partner · 1 June 2021Strategic partnership agreement signed between the Ministry of Economy on behalf of the Government of Serbia, NIS, and HIP-Petrohemija. NIS increased its stake in HIP-Petrohemija to 90% of basic capital. Transaction closed on June 9, 2023, with integration into NIS system underway.
• Republic of SerbiacoreStrategic or Co-development Partner · 1 January 2021Government of Serbia as strategic partner through Ministry of Economy. Holds stake in NIS and participates in strategic partnerships including HIP-Petrohemija deal. Considering nationalization as last resort for sanctions resolution.
• Gazprom energoholdingcoreStrategic or Co-development Partner · 1 January 2017Joint implementation of TE-TO Pančevo project - first gas-steam power plant in Serbia for combined production of electrical and thermal energy. Project completed and commercial production started in 2022.
• Shanghai Electric GroupmajorStrategic or Co-development Partner · 1 January 2017Chinese partner for construction of TE-TO Pančevo thermal power plant. Contract signed for construction of the gas-fired combined heat and power plant.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• INA (Industrija nafte): INA is the Croatian national oil company with upstream operations, the Rijeka refinery, and a domestic retail network — historically entangled in cross-border ownership politics (MOL vs. Croatian state). Like NIS, INA combines refining, retail, and gas trading in a small regional market with strategic shareholder dynamics.
• MOL Group: MOL is a Hungary-headquartered vertically integrated oil and gas company with upstream, refining (Százhalombatta and Bratislava), and a multi-country retail network across Central and Eastern Europe. MOL is the closest direct comparable to NIS in business model mix, SEE/CEE regional exposure, and integrated scale.
• OMV Petrom: OMV Petrom is the largest oil and gas company in Romania and operates E&P plus the Petrobrazi refinery, with a growing regional retail network and power generation portfolio. It competes head-to-head with NIS in the Balkans (Romania, Bulgaria) and shares the SEE vertically integrated model.
• Hellenic Petroleum (HELPE): Hellenic Petroleum operates three Greek refineries (Aspropyrgos, Elefsina, Thessaloniki), a domestic retail network, and petrochemicals via its HELPE Group subsidiaries. Comparable to NIS as a vertically integrated SEE/Mediterranean refiner with fuel retail, B2B fuels, and an export focus.
• Rompetrol (KMG International, part of KazMunayGas): Rompetrol operates the Petromidia refinery in Romania (~5M tonnes/yr, similar scale to Pančevo), plus fuel retail, petrochemicals, and upstream via its Kazakhstan-based parent KMG. It is the most direct refining-capacity peer to NIS in the same regional market (Romania, Black Sea).
• Motor Oil Hellas: Motor Oil Hellas operates the Corinth refinery (~185 kbpd) and an emerging retail and bunkering network across Greece and the Eastern Mediterranean. It is a focused mid-sized Mediterranean refiner comparable to NIS in its emphasis on refining and fuels marketing rather than large upstream.

Broad incumbents

• PKN Orlen: PKN Orlen is the largest multi-asset energy company in Central Europe with refining, petrochemicals, retail, and upstream operations across Poland, the Baltics, Czechia, and now Canada via the PGNiG integration. It operates at much larger scale than NIS but shares the vertically integrated European refining-and-retail playbook and is a natural benchmark for NIS's product mix.
• Tupras (Türkiye Petrol Rafinerileri): Tupras operates Turkey's four refineries (~30M tonnes/yr combined) plus a national retail network. It is significantly larger than NIS but is the most direct refining-and-retail benchmark in the Black Sea/Mediterranean region and is comparable on product specification and customer segments.

Others

• Gunvor Group: Gunvor is one of the world's largest independent oil traders with refining assets (including in the Mediterranean) and a heavy Mediterranean and Black Sea trading book. Relevant adjacent comparable as a potential acquirer/competitor for NIS's product offtake and a benchmark for SEE product flows.

Emerging players

• Petrol (Slovenia): Petrol is the Slovenian energy company with the largest fuel retail network in Slovenia and a growing SEE presence in retail and energy services. While smaller than NIS in refining, its retail-led model across the former-Yugoslav region (including Serbia) makes it an adjacent comparable for NIS's downstream franchise.

Market position

Strengths6 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/NisAdNoviSad
• LinkedInlinkedin.com/company/nis-a-d-novi-sad
• Instagraminstagram.com/kompanija_nis

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries10 records

Funding overview

Funding rounds

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 a.d. Novi Sad