Djedovic Handanovic: Serbia, Hungary to coordinate oil pipeline parameters

BELGRADE - Serbia and Hungary will coordinate technical parameters and other operational issues to build an oil pipeline between the two countries, Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic said at a meeting with representatives of the Hungarian Ministry of Foreign Affairs and Trade and the NIS, MOL and Transnafta oil companies on Thursday.

The minister said the parameters included fees and quantities of crude oil and that the goal was to complete Serbia's part of the project by 2027.

She noted that the Serbian side had made progress when it comes to preparing project and technical documentation, the Ministry of Mining and Energy said in a statement.

The next meeting is scheduled for early July, with a view to agreeing a commercial and technical deal as soon as possible in line with the provisions of a MoU, with operational teams to continue to work intensively to prepare all necessary steps for project implementation.

Djedovic Handanovic said the construction of the oil pipeline was a strategically important project for the two countries.

"Just like Hungary is getting dependable gas supplies through Serbia via the Balkan Stream and Serbia is storing a part of its (gas) reserves in Hungary, the construction of this oil pipeline will enable Serbia to get crude oil through Hungary to boost its energy security further," the minister said.