Serbian, Russian and Hungarian officials discuss Serbia-Hungary oil pipeline

BELGRADE - Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic met with Russian Deputy Energy Minister Pavel Sorokin and State Secretary at Hungary's Ministry of Foreign Affairs and Trade Peter Sztaray to discuss a project to build a Serbia-Hungary oil pipeline, and noted that it was a strategic project.

At the meeting, the parties noted that works to design the pipeline sections had been expedited both on the Serbian and the Hungarian side and that high-level discussions would be continued towards an agreement on all remaining issues.

"Serbia and Hungary have recognised the strategic importance of building an oil pipeline, which will ensure a diversification of our country's crude oil supplies and boost its energy security, which is our top priority," Djedovic Handanovic said in an official statement.

In challenging geopolitical circumstances, it is necessary to have more options for supplies and avoid the risk of being supplied from only one source, she noted.

"In the coming period, we will continue strategic discussions with Russian and Hungarian government representatives about the legal, economic, technical and other details of this important project, whose significance goes beyond our country," Djedovic Handanovic noted.

She said the high level of cooperation among the three countries in terms of natural gas supplies was an example to be followed when it comes to crude oil supplies as well.

"Just like the Balkan Stream gas pipeline - which supplies Russian gas to Serbia and Hungary - constitutes the pillar of energy connectivity and reliability, the oil pipeline, too, can become a new pillar of cooperation," she said.