Nedeljnik: Gazprom exits NIS ownership structure

St. Petersburg-based Intelligence Joint Stock Company has acquired 11.3% of the shares of the Serbian Oil Industry (Naftna industrija Srbije - NIS) from energy giant Gazprom, thus crossing the threshold of a significant stake in one of the largest domestic companies.

According to a document seen by the local weekly Nedeljnik, the transaction was completed on Friday, September 19, 2025.

The “Notice of Significant Participation” signed by authorized representative Filip Bolgov states that the Russian company Intelligence acquired exactly 18,433,297 shares, representing an 11.3% stake in the company.

Before this change, the company did not own any NIS shares, while the identical 11.3 percent of the capital was owned by Russia’s Gazprom. Gazprom is, by the way, a Russian state-owned company and one of the world’s largest producers and exporters of natural gas, while Gazprom Neft is its subsidiary in charge of crude oil operations.

In the ownership structure of NIS, Gazprom Neft, the subsidiary of Gazprom in charge of crude oil operations, is currently the largest shareholder with 44.85%.

The second largest shareholder is the state of Serbia with 29.87%, while Intelligence is now in third place with the aforementioned 11.3% of shares.

The weekly states that the transaction was carried out based on the “Agreement on the Assignment/Transfer of Shares of a Joint Stock Company Without Compensation,” i.e. that the transfer of ownership was carried out free of charge.

This ownership change is taking place at a time when NIS is requesting a postponement of the application of US sanctions for the seventh time.

As the current license issued by the US Office of Foreign Assets Control (OFAC) expires on September 26, NIS filed a new request on September 18 to continue to ensure uninterrupted operations.

In parallel with these short-term measures, NIS is also waging a long-term legal battle, having sent an official request to be removed from the so-called SDN (Specially Designated Nationals) list on March 14.

Previously, Srbijagas CEO Dusan Bajatovic reiterated that “there is a desire for Serbia to buy NIS, but the Russian side is currently not willing to sell the company.”

Gazprom Moscow

NIS a.d. Novi Sad

JP Srbijagas Novi Sad

Intelligence

Gazprom

Naftna industrija Srbije

Srbijagas

Dušan Bajatović

NIS sanctions

NIS owner