The precursor of today's NIS was the "Oil Exploration and Production Company" with headquarters in Zrenjanin, founded in 1949 by the decision of the government of the Federal People's Republic of Yugoslavia (FPRY). The "Company for Oil Exploration and Production Naftagas" was established in 1953 pursuant to the decision of the government of FPRY, when management was relocated to Novi Sad. During the 1950s, first petrol stations and warehouses in this area were opened. Oil refineries in Pančevo and Novi Sad were put into operation in 1968. At the end of 1973, sales and distribution organizations "Jugopetrol-Beograd" and "Jugopetrol-Novi Sad" were integrated into the company.