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| Serbia diversifies gas supplies and reduces dependence on Russia. (Source: Reuters) |
The Serbian pipeline has a capacity of 1.8 billion cubic meters per year, meeting 60% of the country's annual gas demand. The European Commission has contributed 49.6 million euros (equivalent to 53.37 million USD) to build the pipeline system.
In addition, the construction budget includes another 25 million euros ($27 million) loan from the European Investment Bank and 22.5 million euros ($24.3 million) provided by Serbia.
The opening of the new gas pipeline allows the Balkan country to diversify its gas supplies and reduce its dependence on Russia.
“With this connection, we are securing alternative gas supplies to Russia,” Serbian Energy Minister Dubravka Djedovic Handanovic said.
According to the Minister, this project helps position Serbia as a gas supplier in Central and Eastern Europe, as well as further promote gasification in southern Serbia.
Previously, on November 15, Serbia signed an agreement with Azerbaijan to buy 400 million cubic meters of gas per year from 2024.
Azerbaijani President Ilham Aliyev informed: "If in 2021 our gas exports to Europe reached more than 8 billion cubic meters, this year it will reach about 12 billion cubic meters."
According to Mr. Aliyev, half of the total volume of Azerbaijani gas is delivered to European countries.
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