The State Secretary of Serbia’s Ministry of Mining and Energy, Stefan Srbljanović, emphasised that his country’s top priority in the oil sector is ensuring a stable supply to the domestic market and enhancing supply security.
“To achieve this, we are focusing on three key areas: increasing mandatory reserves of oil and oil derivatives, diversifying crude oil supply sources and building new facilities while modernising existing ones,” he said at the opening of the 16th Oil Forum. “The energy crisis has highlighted the importance of energy independence and the need for substantial energy reserves.”
He noted that Serbia currently maintains mandatory reserves equivalent to 41.7 days of average daily net imports.
“By the end of this year, we will put into operation six newly constructed tanks for storing oil derivatives in Smederevo, adding an additional 120,000 cubic metres of storage capacity. This will significantly boost energy security and stability,” he added.
Mr Srbljanović also highlighted that the energy crisis and global security challenges have underscored the need for diversifying supply routes and sources.
“To diversify oil supply, we have prioritised the construction of the Serbia-Hungary oil pipeline,” he pointed out. “By the end of 2026, we plan to complete 114 kilometres of pipeline, with an investment of 150 million euros and a capacity of 5.5 million tons per year.”
He also noted that Serbia’s position regarding gas supply has improved significantly compared to two years ago.
“With the completion of the Balkan Stream, we have secured a new route for Russian gas supply, which, following the outbreak of the war in Ukraine, has ensured Serbia’s supply security and strengthened its role as a transit country,” he said. “Additionally, the Serbia-Bulgaria gas interconnection, completed at the end of last year, now allows us to source gas from multiple suppliers, including Azerbaijan and the LNG terminal in Greece.”
Mr Srbljanović stressed that expanding the Banatski Dvor underground gas storage facility is one of Serbia’s most critical energy infrastructure projects.
“This expansion will further enhance our energy security by increasing our domestic natural gas storage capacity. The construction is expected to take about a year and a half, with the goal of making the expanded facility operational by 2027,” he concluded.