Serbian oil company NIS on October 30 reported a net loss of RSD300mn (€2.3mn) in the first nine months of 2025, with the finanical performance weighed down by US sanctions, weaker oil prices and losses at petrochemical subsidiary HIP-Petrohemija.

NIS, majority-owned by Russia’s Gazprom Group, said it had operated in “extremely complex circumstances” following the sanctions announced by the US Treasury Department in January, which eventually came into effect on October 9.

“The results were affected by oil prices, which were 14% lower than in the same period last year, as well as the loss of HIP-Petrohemija, which amounted to RSD7.4bn due to the unfavourable situation in the entire petrochemical industry,” the company said in a statement.

Despite the loss, earnings before interest, taxes, depreciation and amortization (EBITDA) stood at RSD21.1bn, while operating cash flow reached RSD26.7bn. NIS said it had implemented cost-saving measures and adapted its operations to the new conditions, which helped stabilise financial performance.

The company said its public revenue obligations totalled RSD167.7bn, while RSD4.6bn were allocated for dividend payments to shareholders for 2024.

In operational terms, oil and gas production fell by 2% year-on-year to 837,700 tonnes, while crude oil and semi-finished product processing rose 5% to 2.67mn tonnes. The total sales of oil derivatives dropped 10% from the same period in 2024 to 2.42mn tonnes.

NIS said that domestic market stability for oil derivatives and employee social stability were maintained despite the challenging environment.

Looking ahead, the company said it would continue adjusting its operations and business plans to the new circumstances while seeking to be removed from the US Specially Designated Nationals (SDN) list or obtain a new licence that would allow it to resume normal operations.