Hungary, Serbia strengthen energy cooperation with new oil pipeline deal

Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and Serbian Minister of Mining and Energy Dubravka Đedović Handanović have agreed to strengthen investment policies in the field of energy security. 

“We agreed to expand joint investments in energy and energy security, including the construction of the first connecting oil pipeline,” Szijjártó said, Caliber.Az reports via Russian media. 

Moreover, Szijjártó and Đedović Handanović agreed to increase funding for a new power line connecting the energy networks of both countries. 

“For Hungary, Serbia is a strategic partner; without Serbia, there will be no energy security for Hungary, and vice versa,” the Hungarian foreign minister added.

The construction of the oil pipeline between Hungary and Serbia is expected to be completed by 2026. The new branch will connect to the Druzhba pipeline, allowing Serbia to diversify its oil supplies and reduce its dependence on Croatia.

Earlier, Russia and Serbia signed a memorandum of cooperation, which will serve as the foundation for creating and maintaining oil transport infrastructure in Serbia. The 300 km-long pipeline construction will be assisted by Transneft company.

By Naila Huseynova