Srbijagas was established on 1 October 2005 as a result of restructuring the integrated petroleum company NIS.

[4] In 2013, the government of Serbia decided to split Srbijagas into two separate companies because of its mounting debt and unsustainable business practices.

In April 2013, Minister of Energy, Development and Environmental Protection, Zorana Mihajlović stated that Srbijagas has debt of more than €1 billion.

[6][7] 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.

[8] For the calendar year of 2014, Srbijagas finished with the yet another annual net loss of €372.33 million.