The Hungarian Minister of Foreign Affairs and Economic Relations emphasized that due to wrong decisions made in Brussels, energy prices in Europe have increased much more than in the rest of the world. He added that this problem can be resolved by incorporating new energy sources and developing transport routes.
The oil pipeline between Serbia and Hungary holds not only commercial but also broader strategic importance for the long-term energy security of both countries. It will connect Serbia to one of Europe’s largest oil pipelines and provide an alternative oil supply route for the first time, which is crucial for supply security.
In early July, the companies Transnafta and MOL signed an agreement on the technical harmonization of specifications for the pipeline construction, marking a significant step forward and a turning point in the project’s development. In the upcoming period, the commercial aspects of the pipeline construction and the oil capacity required by NIS are expected to be defined, said Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović, following talks with Russian Deputy Minister of Energy Pavel Sorokin and Hungarian Foreign and Trade Minister Péter Szijjártó.
She noted that the governments of Serbia, Hungary, and the Russian Federation support the project’s realization, which will provide Serbia with an additional crude oil supply route for decades to come.
“Just as Serbia plays a vital role in supplying Hungary with gas via the Balkan Stream pipeline while simultaneously using storage capacities in Hungary for its reserves, the construction of this oil pipeline will enable Serbia to deliver crude oil through Hungary, further strengthening its energy security. Diversifying supply routes is essential to enhance safety and reduce dependency on a single source, especially in an increasingly unstable geopolitical context,” the minister stated.
Đedović Handanović added that Serbia has made progress in preparing the project-technical documentation and expects to be ready to start construction early next year. According to Minister Szijjártó, construction on the Hungarian section is also expected to begin next year.
Szijjártó criticized a series of wrong decisions in Brussels that have placed Europe in a difficult position on the international energy market. Energy prices in Europe have risen several times compared to the rest of the world, a result of Brussels forcibly severing energy relations, banning the use of Russian energy sources, and blocking transport routes. He stated that this situation can be resolved by integrating new energy sources and building more transport routes, highlighting ongoing negotiations with Serbian and Russian counterparts on the construction of the new Hungary-Serbia oil pipeline.
