Novi Sad-Gas merged into Srbijagas, connection fee 115,000
Srbijagas takes over the assets, liabilities and 94 employees of the Novi Sad distributor, and new customers pay 115,000 dinars to connect instead of 135,000.
Srbijagas’s receivables from Novi Sad-Gas stood at 28.56 billion dinars (~244 million EUR) on December 31, 2025, up from 13.38 billion dinars (~114 million EUR) at the end of 2018, according to the draft merger agreement. The Novi Sad distributor that piled up that debt has been part of Srbijagas since October 2, 2026: the portal 021 reported it at 12:30 p.m., after the Serbian government raised the public company’s share capital to 76.42 billion dinars (~652 million EUR). Conversions use a rate of about 117.2 dinars to the euro.
The merger legally closes a process that was reportedly announced seven years ago, and the draft merger agreement was made public in July this year.
What did Srbijagas take over from Novi Sad-Gas?
Srbijagas takes over all assets, liabilities and employees of the Novi Sad company. The assets include the gas distribution networks, licenses and permits, metering and regulation stations, bank accounts, real estate and shares in the Millennium sports and business center in Vrsac.
Sources do not agree on how many employees move to the parent company. Kurir and NS Reporter say all 94 employees transfer to Srbijagas, while 021 writes of “more than 90” employees.
The stated reasons for the merger are settling debtor-creditor relations, preserving assets and keeping the business running. Gas supply, it is stated, will not be interrupted.
How much was Srbijagas’s share capital increased?
The government’s decision raised Srbijagas’s share capital from 72,051,555,909.16 to 76,422,696,900.77 dinars. The difference is 4.37 billion dinars (~37 million EUR), or about 6% of the earlier amount.
Almost all of the capital is non-cash. The subscribed and paid-in cash portion is 391,248,760 dinars (~3.3 million EUR), while the non-cash portion is 76,031,448,140.77 dinars. The government’s decision puts it this way:
The total registered capital of the Public Enterprise is 76,422,696,900.77 dinars, of which the subscribed and paid-in cash capital is 391,248,760.00 dinars, and the subscribed and contributed non-cash capital is 76,031,448,140.77 dinars
The capital consists of a single stake held by the founder, the Republic of Serbia, as the sole member with a 100% share. The non-cash contribution consists of movable and immovable property, securities and property rights.
How did Novi Sad-Gas’s debt more than double?
Srbijagas’s receivables from the Novi Sad distributor grew from 13.38 billion dinars at the end of 2018 to 28.56 billion dinars at the end of 2025, an increase of 15.18 billion dinars (~130 million EUR) in seven years. Privatization of Novi Sad-Gas was considered until 2019, precisely because of the accumulated debts. The company was socially owned until 2020, and then became a limited liability company wholly owned by the state.
Novi Sad-Gas director Milan Djukic placed the merger in the wider context of state-owned energy companies:
This is the first time since 2000 that something is being merged and consolidated to create something bigger and more dominant on the market. Until now, things were always split up. NIS was split, FAM Krusevac was separated, the Belgrade refinery was separated, Transportgas was carved out. Now, for the first time, two gas distributors are being merged to create the largest distribution system operator in Serbia, which is a good business move, because it brings a benefit to gas customers
How much that benefit amounts to in dinars can be seen from the terms published with the merger, which cover the connection fee and the price of gas.
What changes for gas customers in Novi Sad?
Connecting a new customer now costs 115,000 dinars (~981 EUR) instead of the previous 135,000 dinars (~1,152 EUR), which is 20,000 dinars cheaper. Payment is possible in 36 installments. Existing Novi Sad-Gas customers get a price that is 2.8% lower.
Bills are now issued by Srbijagas. Novi Sad-Gas announced as early as September 22 that bills for the September billing period would be issued to Srbijagas, as the legal successor of the Novi Sad company. Customers are therefore advised to check the name of the legal entity on their bill, since documentation and invoicing after the merger go through Srbijagas.
