Serbian oil company NIS, which is controlled by Russia’s Gazprom, is contemplating a potential exit from the Bulgarian and Romanian markets due to ongoing challenges. The company stated that its management is considering options such as a full or partial sale of assets, closure, or other exit strategies if market conditions do not improve.
In Bulgaria, NIS is struggling with difficulties in its downstream operations, while in Romania, both upstream and downstream operations are facing issues. Alongside its potential exit plans, NIS is also exploring ways to enhance operational efficiency and identify new business opportunities to mitigate the local challenges.
NIS operates 23 petrol stations under the Gazprom brand in Bulgaria, holding a 2.3% share of the total fuel market and a 2.2% share of the retail market in 2024. In Romania, the company operates 19 petrol stations under the same brand, and is involved in oil and gas exploration and production. Its market share in Romania’s total motor fuel market is 0.4%, with a 0.6% share in retail fuel sales for 2024.
The company also acknowledged the ongoing impact of recent US sanctions, which were imposed on NIS by the US Treasury Department on 10 January 2025 as part of broader measures targeting Russia’s energy sector. The sanctions were linked to NIS being controlled by GazpromNeft, a subsidiary of Russia’s Gazprom.
GazpromNeft holds a 50% stake in NIS, with Gazprom owning 6.15%. The Serbian government owns around 30% of the company, while the remaining shares are held by minority shareholders.
