"Pipeline has enormous potential for Serbia"

Experts say that the pan-European pipeline with an estimated capacity of between 60 and 90 million tons of oil, would have multiple significance for Serbia.

Izvor: B92

Wednesday, 23.04.2008.

10:11

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Experts say that the pan-European pipeline with an estimated capacity of between 60 and 90 million tons of oil, would have multiple significance for Serbia. The contract for the formation of an association of companies from Romania, Serbia and Croatia to build a pan-European pipeline was signed in Bucharest yesterday. "Pipeline has enormous potential for Serbia" The 1400km-long pipeline would pass through Romania, Serbia, Croatia and Slovenia to Italy, bringing oil from the Caspian Sea to the European market. JP Transnafta CEO Nebojsa Lemajic, who signed the agreement in Bucharest on Serbia’s behalf, told B92 that the deal represented the first step to the secure supply of domestic refineries. “This project is of great significance both to the region and to our country, as, above all, it ensures the secure supply of our refineries and strategic infrastructural complexes that ought to ensure the safe and sound transport of oil to consumers in Western Europe,“ said Lemajic. Energy expert Zorana Mihajlovic-Milanovic told B92 that the agreement had multiple significance for Serbia, but that some time would be required for the project to come to fruition. “The significance will be felt in that Serbia will not only receive transit taxes, but also in the potential to launch a complete construction project, and companies to be somehow set up in Serbia, thus creating new jobs. From an external point of view, a country is regarded in a completely different light when a regional pipeline passes through it,“ she explained. She said that this was a complete form of “political and economic stability.“ “What’s in the long term are, of course, the big strategic projects. These aren’t a matter of a just a year or two, but have to wait 10 years, and their construction takes that long too,“ Mihajlovic-Milanovic explained. A developmental company will be founded in London in the next month and a half that will be tasked with putting the project into practice. Prior to this, legal experts from all the signatory countries will have to coordinate with each other and prepare the necessary documentation for the registration of the new company.

"Pipeline has enormous potential for Serbia"

The 1400km-long pipeline would pass through Romania, Serbia, Croatia and Slovenia to Italy, bringing oil from the Caspian Sea to the European market.

JP Transnafta CEO Nebojša Lemajić, who signed the agreement in Bucharest on Serbia’s behalf, told B92 that the deal represented the first step to the secure supply of domestic refineries.

“This project is of great significance both to the region and to our country, as, above all, it ensures the secure supply of our refineries and strategic infrastructural complexes that ought to ensure the safe and sound transport of oil to consumers in Western Europe,“ said Lemajić.

Energy expert Zorana Mihajlović-Milanović told B92 that the agreement had multiple significance for Serbia, but that some time would be required for the project to come to fruition.

“The significance will be felt in that Serbia will not only receive transit taxes, but also in the potential to launch a complete construction project, and companies to be somehow set up in Serbia, thus creating new jobs. From an external point of view, a country is regarded in a completely different light when a regional pipeline passes through it,“ she explained.

She said that this was a complete form of “political and economic stability.“

“What’s in the long term are, of course, the big strategic projects. These aren’t a matter of a just a year or two, but have to wait 10 years, and their construction takes that long too,“ Mihajlović-Milanović explained.

A developmental company will be founded in London in the next month and a half that will be tasked with putting the project into practice.

Prior to this, legal experts from all the signatory countries will have to coordinate with each other and prepare the necessary documentation for the registration of the new company.

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