In Serbia, oil producer and refiner NIS recorded net profit of €197 million in the first nine months of 2026. Higher crude prices, improved refining margins and tighter operating-cost control supported the result. EBITDA reached €510 million.
Bank debt fell to €357.4 million from €539.5 million a year earlier. Brent crude averaged around $94/barrel during the nine-month period, compared with $70.9/barrel a year earlier. Lower-cost inventories also supported refining profitability.
Refining and investment
NIS raised processing at its Pancevo refinery to around 13,000 tonnes per day to help maintain a reliable domestic fuel supply. The refinery processed 2.6 million tonnes of crude and intermediate products. Petroleum-product sales totalled 2.4 million tonnes.
Capital expenditure reached €163.5 million, with much of the investment directed towards oil and gas exploration and production. Domestic upstream operations produced 834,000 tonnes of oil and gas equivalent. During the period, NIS completed a €32.3 million reconstruction of railway infrastructure at the Pancevo refinery and began a major overhaul at HIP Petrohemija. Its solar installations generated 12.4 GWh between January and September, roughly three times the level recorded a year earlier.
