Group’s profile

Main information about NIS Group.

The NIS Group is one of the largest vertically integrated energy systems in Southeast Europe, and its most valuable resource is a team of about 13,5001 employees. The headquarters of NIS and its main assets are located in the Republic of Serbia, while representative offices and subsidiaries have been opened in several more countries in the world, primarily in neighbouring countries. NIS’ core activities include exploration, production and refining of crude oil and natural gas, sale and distribution of a wide range of petroleum and gas products and the implementation of energy and petrochemistry projects.

NIS aims to create new value for its shareholders, employees and the community, despite the challenging macroeconomic environment, as well as to contribute to energy stability in the markets where it operates. The NIS project portfolio considers the energy transition as a priority in Serbia, and the Company implements projects that, inter alia, contribute to the achievement of the goals of reducing carbon emissions to the Paris Agreement level.

In addition to its business activities, NIS also runs a number of socially responsible projects aimed at improving the life of the community and the improvement of the quality of life of citizens. NIS’ efforts in this area are especially focused on young people, who are the bearers of future development.

The NIS Group is committed to improving environmental protection and allocates significant funds for the implementation of environmental projects and projects that contribute to environmental protection. In terms of occupational safety, the objective of NIS is work processes without injuries and harmful effects on the environment

Business activities of the NIS Group are organized within the parent company NIS j.s.c. Novi Sad, into the Exploration and Production Block2 and Downstream3 , which are supported by the nine Functions in the parent company:

  • Finance, Economics, Planning and Accounting Function;
  • Strategy and Investments Function;
  • Procurement Function;
  • Organizational Affairs Function;
  • HSE Function;
  • Legal and Corporate Affairs Function;
  • Corporate Security Function;
  • Government Relations and Corporate Communications Function;
  • Internal Audit, Risks and Internal Control Function.

Exploration and Production Block

Exploration and Production

NIS is the only company in Serbia engaged in oil and gas exploration and production. In this business segment, NIS performs the activities of operational support to production, management of oil and gas reserves, management of oil and gas reservoir engineering, and implementation of large-scale projects in the field of exploration and production.

The majority of oil and gas fields owned by NIS are located in Serbia. The company is also involved in exploration works in Romania and Bosnia and Herzegovina. The oldest concession abroad is in Angola, where NIS has been operating since 1985.

The plant for the preparation of natural gas, production of LPG and gasoline, and CO2 stripping, based in Elemir, near Zrenjanin operates as part of the Exploration and Production Block. An amine unit for processing of natural gas using the high pressure acidgas capture technology is also located in Elemir. This method of gas processing completely prevents carbon dioxide emissions into the atmosphere and, in addition to the business effects, creates significant environmental benefits. In 2023, the Gas Refinery in Elemir marked its 60th anniversary.

NIS also has a modern training center in Elemir dedicated to training workers in the oil industry. It is a unique complex equipped with modern equipment in which the training is performed in real conditions, with the possibility of simulating all the tasks that oil workers encounter in the process of production, preparation and shipment of oil and gas.

As for the exploration and production, the scientific and technological support of the NIS Group is provided by the subsidiary Scientific and Technological Center (NTC) NIS ‒ Naftagas LLC Novi Sad.


NIS has its own service capacities, which fully meet the needs of the Group and provide services to third parties through the company Naftagas–Oil Services LLC Novi Sad. The Services provide services in the field of exploration and production of oil and gas through geophysical well testing, construction, completion and workover, as well as through conducting special operations and measurements in wells. As part of their portfolio, the Services also provide maintenance of equipment, construction and maintenance of oil and gas systems and facilities. In this business segment, the goal is to strengthen its presence in the international market. For this reason, the priority is to modernize the equipment, ensure the best possible quality of services provided, increase the technical and technological efficiency, and improve work efficiency in NIS and other companies.


The Downstream business consists of the Refining Block, Sales and Distribution Block, Energy Block and the field of petrochemicals.


In 2023, the 55th anniversary of the beginning of production at the Pančevo Oil Refinery was celebrated. Today, this factory is one of the most modern and environmentally most developed processing plants in the region, with a maximum designed capacity of 4.8 million tonnes per year.  Since 2009, more than EUR 800 million have been invested in the modernization of the Refinery, with significant funds allocated for environmental protection projects. The Pančevo Oil Refinery produces: motor fuel in accordance with Euro-5 standard, aviation fuel, liquid petroleum gas, petroleum coke, fuel oil, bitumen, propylene, aromatics, primary pyrolysis gasoline and other petroleum products (sulphur and other hydrocarbons).

In 2020, a Bottom of the barrel unit with delayed coking technology was officially commissioned. The project worth more than EUR 300 million enables NIS to increase the output of the most valuable fuels ‒ diesel, gasoline and liquified petroleum gas and to start the domestic production of petroleum coke. NIS continuously works on the modernization of the Pančevo Oil Refinery. In 2021 began the capital project of the new phase is the reconstruction of the FCC (Fluid Catalytic Cracking) plant and the construction of a new plant for the production of ETBE (high-octane petrol blending component). In addition, activities for finding additional measures for increasing efficiency and reducing costs, as well as digitization projects, are continuously carried out in the Refinery.

In 2023, the priority of the Refining Block was the continuous production of petroleum products in order to contribute to the orderly supply of the market in challenging circumstances.

Sales and Distribution

NIS operates a network of more than 400 petrol stations in Serbia and the countries of the region, with more than 80 of them outside of Serbia. NIS operates the largest retail network in the country, while simultaneously developing its operations in the neighbouring countries: Bosnia and Herzegovina, Bulgaria and Romania.

NIS is present in the market under two retail brands: NIS Petrol and GAZPROM, with the latter being a premium brand in this segment. The petrol stations of the NIS Group are synonymous with the quality of fuel and non-fuel portfolio, as well as with modern services that meet the consumers’ demands. NIS continually invests in the development of its retail network and in improving the quality of its goods and services. As part of this goal, among other things in 2023, one of the 10 PSs that were reconstructed and built, PS Sokolići 2, the second retail facility of NIS at the Miloš Veliki motorway, began to operate. With it, the company contributes to the development of the road infrastructure in the Republic of Serbia. One of the priorities includes digital projects that provide consumers with services in line with modern trends, such as fuel payments without going to the payment point, digitalization of loyalty programs, etc.

In addition to the retail sale of finished petroleum products, liquefied petroleum gas and a range of related products, the sales structure of NIS also includes the export and domestic wholesale deliveries of gas and petroleum products, while the apply of aviation fuel, fuel for navigable vessels, and sales of bitumen are developed as separate business directions.

All types of fuel undergo strict and regular laboratory control and meet the highest domestic and international standards.


This business segment includes the production of electricity and thermal energy from conventional and renewable energy sources, centralized management of the natural gas portfolio for the entire NIS (production and sale of compressed natural gas, sale of natural gas), electricity trade, development and introduction of strategically important energy projects, as well as development and implementation of projects to increase energy efficiency.

The main focus of the Energy Block is expanding the scope of work in the field of electricity production and trade, managing the Company’s energy resources, including TE-TO Pančevo, as well as improving energy efficiency and reliability within the NIS Group. The task of the Energy Block, among other things, is to accelerate the company’s energy transition and the process of decarbonization.

The modern combined gas-steam thermal power plant-heating plant Pančevo (TE-TO Pančevo) on natural gas started operating in 2022. The produced electricity from the combined gas-steam thermal power plant and heating plant in Pančevo (TE-TO Pančevo) powered by natural gas has been delivered to the transmission power system of Serbia, which contributes to the energy stability of the Republic of Serbia. The main advantage of TE-TO Pančevo is that natural gas, as a more environmentally friendly fuel, simultaneously produces thermal energy in the form of process steam for the needs of the Pančevo Refinery and electricity for the Serbian market.

Since 2013, in oil and gas fields at eight locations in Serbia, NIS has put into operation mini power plants with an installed electrical power of 14 MWe. The environmental advantage of these plants is in the production of electricity and thermal energy from gas that was previously not used due to poor quality, large amounts of carbon dioxide and nitrogen, or could not be delivered to consumers due to the lack of gas infrastructure. The heat and electricity produced are used for the needs of NIS, but the electricity is also sold on the market. Electricity is also produced at the Jimbolia gas field in Romania, where electricity is sold on the local market.

In 2022, the construction of solar photovoltaic power plants (PvPP) at NIS petrol stations began. As of December 2023, the construction of 45 PS was completed, of which 25 were put into operation. In 2024, the construction of solar photovoltaic power plants on other NIS facilities continue.


TIn 2017, the Corporate Development Strategy of NIS j.s.c. was adopted with the aim of ensuring further growth and profitability for shareholders, employees and the wider social community. Considering that as of 2023, HIP-Petrohemija is the part of NIS, the Company’s strategy will also include as goal integration and further development of the petrochemical sector:

  • To preserve production and resource base growth indicators,
  • To increase the depth and efficiency of refining,
  • To boost the sales of petroleum products through own sales channels and modernise the retail network,
  • To diversify the business by building new electricity generation capacities,
  • To optimise operating performance.

Key Figures3

Information on ordinary shares

Nuber of shares issued:


Face value:

500,00 RSD







Listed on

Belgrade Stock Exchange Prime Listing

Information on trading in 2023

Last price on December 31st, 2023

812 RSD

Highest price

870 RSD

Lowest price

671 RSD

Total turnover

978,481,274 RSD

Total volume


Number of transactions


Market capitalization as of December 31st, 2023

132,405,044,800 RSD

Consolidated EPS

257.05 RSD

Consolidated P/E ratio


Consolidated book value as of December 31st, 2023

2,276 RSD

Consolidated P/BV ratio


Performance vs. BELEX15 and BELEXLine


NIS a.d. Novi Sad

Narodnog fronta 12
21000 Novi Sad, Serbia
(+381 21) 481 1111

Milentija Popovica 1
11000 Belgrade, Serbia
(+381 11) 311 3311

Investor Relations Services

NIS a.d. Novi Sad
Narodnog fronta 12
21000 Novi Sad, Serbia

Group for Minority Shareholders Relations

NIS a.d. Novi Sad
Narodnog fronta 12
21000 Novi Sad, Serbia
(+381 11) 22 000 55

1. Including employees of HIP-Petrohemija LLC Pančevo.
2. Exploration and Production and subsidiaries – NTC NIS – Naftagas LLC Novi Sad, Naftagas–Oil Services LLC Novi Sad, and Naftagas – Transport LLC Novi Sad.
3. Refining Block, Sales and Distribution Block, Energy Block and subsidiaries Naftagas–Technical Services LLC Zrenjanin and HIP-Petrohemija LLC Pančevo.
4. Consolidated for NIS Group
5. Without internal sales