Macut: For Serbia, energy is the key precondition for economic development

YEREVAN - In an address before the 8th European Political Community (EPC) summit in Yerevan, Serbian PM Djuro Macut noted that the Vertical Gas Corridor represented one of the most important new energy projects in southeastern and central Europe and a key instrument of market stabilisation.

Speaking at a round table on the impact of the Vertical Gas Corridor on regional energy security, Macut added that the corridor was a strategic route connecting a large number of people in this part of Europe and that it was aimed at transporting gas from the south to the north.

"Macut stressed that geopolitical tensions and market disruptions are accelerating the construction of new energy routes, partnerships and more flexible supply mechanisms," a government statement said.

"At the same time, Macut pointed out the importance of the European REPowerEU plan, which aims to accelerate the transition to clean energy and is focused on energy saving, diversification of supply, renewable energy production and strengthening energy resilience as an important instrument of transition.

The Prime Minister added that for Serbia, the priorities are diversification of supply sources, development of interconnections and reduction of the risk of geopolitical disruptions, emphasising that Serbia views energy security as an integral part of national security and the foundation of further economic development.

The Prime Minister recalled that Serbia is facing a strong investment cycle in the energy sector, with the aim of generating 45 pct of its energy from renewable sources by 2030, as well as ensuring a sustainable and stable energy system in the long term.

Macut pointed out that Serbia is actively working to build new energy capacities and strengthen connections with the regional and European markets, including the development of gas interconnections and access to alternative supply routes," it said.

"Serbia has the potential to, with further strengthening of infrastructure and cooperation, transform from a country dependent on a limited number of sources into an important energy hub and transit centre in the region, which opens up significant development and economic opportunities," Macut was also quoted as saying.