Srbijagas
Srbijagas (full legal name: J.P. "Srbijagas") is the state-owned natural gas provider in Serbia with headquarters in Novi Sad. History. Srbijagas was established on 1 October 2005 as a result of restructuring the integrated petroleum company NIS. The company was created on the basis of NIS divisions NIS-Gas and NIS-Energogas. In 2013, the government of Serbia decided to split Srbijagas into two separate companies because of its mounting debt and unsustainable business practices. Since 2013, the transportation and storage units have been operated by Transgas AD, while trade and distribution have continued to be operated by  the Srbijagas AD. Financial data. At the end of 2011, the company's total equity was US$443.38 million and after one year it dropped to only US$15.86 million, making the company for the first time unprofitable, mainly because of differences in cost and selling price. In April 2013, Minister of Energy, Development and Environmental Protection, Zorana Mihajlović stated that Srbijagas has debt of more than €1 billion. In June 2014, it was once again named the most unprofitable state-owned company, making annual net loss of €443.14 million for the calendar year of 2013. For the  calendar year of 2014, Srbijagas finished with the yet another annual net loss of €372.33 million. For the calendar year of 2015, Srbijagas managed to severely cut total net loss from the past year to just €2.98 million. After several years of posting annual net losses, Srbijagas finished 2016 calendar year with the annual net profit of €13.78 million.