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Serbia and Hungary established strategic cooperation in the field of energy - Serbia Business

Serbia and Hungary established strategic cooperation in the field of energy

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The move came following a visit by Hungarian Foreign Minister Peter Szijjarto to the capital Belgrade, where he met with Serbian Mining and Energy Minister Dubravka Djedovic.

”The goal is to diversify the sources of energy supply and it is necessary to increase the flow of gas from Azerbaijan, in cooperation with Hungary,” said Djedovic.

Szijjarto said that Hungary and Serbia have managed to overcome the energy crisis caused by the war in Ukraine thanks to strategic cooperation.

”In order to double gas imports from Azerbaijan, new interconnectors need to be built and the existing ones expanded,” said Szijjarto, adding Hungary is open to further negotiations on the import of gas from Azerbaijan through Serbia.

Azerbaijan and Hungary in January signed a joint declaration on an enhanced strategic partnership, with energy at the top of the agenda.

Hungary also earlier announced that it would not support any sanctions by the European Union that restrict Hungarian-Russian nuclear cooperation.

Meanwhile, Serbia is working on new oil storage facilities and plans to construct a new oil pipeline to Hungary to tackle the global energy crisis.

In early October, President Aleksandar Vucic said Serbia has warehouses filled with close to 380 million cubic meters of gas in Hungary.

The new pipeline to Hungary will have a length of up to 128 kilometers (80 miles) and could cost up to €100 million ($107 million).

Serbia currently has the lowest price for electricity in the region, and a deal could keep rates steady and prevent an increase in prices.

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