economy

April 28, 2026

Millions Invested and a Deficit on the Books: How the Serbian-Hungarian Gas Trading Company Operates

In its first two and a half years of operation, the Serbian-Hungarian gas trading company recorded a deficit.

Millions Invested and a Deficit on the Books: How the Serbian-Hungarian Gas Trading Company Operates

TL;DR

  • Serbhungas, a Serbian-Hungarian gas trading company, has operated at a loss since its inception in 2023.
  • The company is owned by Serbia's Srbijagas (49%) and Hungary's MVM ONEnergy (51%).
  • Both parent companies have invested approximately one million euros each into Serbhungas.
  • Serbhungas exclusively sources and sells gas from Srbijagas within Serbia.
  • Despite revenues growing to around 42.4 million euros in 2025, the company ended the year with a deficit of approximately 627,000 euros.
  • The formation of Serbhungas was a project agreed upon by Serbian President Aleksandar Vučić and former Hungarian Prime Minister Viktor Orbán.
  • There were plans announced in 2023 for Srbijagas and MVM to establish a joint company in Hungary as well, which has not been confirmed.
  • The new Hungarian government, led by Peter Magyar, has indicated a review of agreements made by the previous administration.

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