Serbia, Country to invest 12 billion euros in diversifying oil and gas supply

, SEE Energy News

Serbian President Aleksandar Vucic announced that the country will invest 12 billion euros in the next six years in infrastructure projects aimed to diversify Serbia’s oil and natural gas supply.

The decision comes as a response to last week’s ban on importing Russian crude oil through Croatia’s JANAF oil pipeline. President Vucic stressed that Serbia needs new oil pipeline and announced that the project for the construction of 128 kilometers long pipeline that will connect to Hungary has been approved. According to him, this will give Serbia another route for crude oil supply under much favorable conditions.

He also presented another option – the construction of oil pipeline through North Macedonia to the Albanian port of Durres, a project which would cost some 100 million euros.

President Vucic also announced further investments in the energy sector from foreign companies, especially in renewable energy projects, which will offer additional security of supply.