PM at Energy Security Summit in Budapest

Prime Minister Mirko Cvetkovic is taking part in the Energy Security Summit in Budapest this Wednesday. Investments in energy infrastructure represent investments in the future development of the countries of the region, Cvetkovic said as he addressed the gathering. PM at Energy Security Summit in Budapest He pointed out that the region represented an important energy hub and transit route for energy supplies from Russia and central Asia. “In that sense we must make a joint effort in order to carry out the planned new transit projects as soon as possible, which will provide stable energy supplies to Europe, as well as the diversification of energy sources, routes and markets.” Cvetkovic pointed out that Serbia’s priority was carrying out the South Stream natural gas pipeline project, which should provide significant amounts of gas for the European market. “At the same time we are open to participation in other projects and plans too,” the PM said. “(Serbia's) investments in reconstruction of energy capacities on an annual level amount to about EUR 1bn, and I expect that this amount will additionally increase in the next five years,” he said. The PM emphasized that Serbia had also started significant investments in new production capacities of electric energy, which included two lignite thermal power plants and a gas power plant, with 1.750 MW of total installed capacity, which represented about 20 percent of Serbia’s total production capacity. “At the same time we are making a maximum effort in order to promote production of electric energy from renewable sources,” he said. “All projects will be carried out through sole or majority participation of private capital, which indirectly cancels the monopoly in the field of electric energy production and additionally improves the efficiency of energy system,” Cvetkovic stated. He stressed that Serbia signed a contract with Russian Gazpromneft at the beginning of 2009, which had started a comprehensive investment process in reconstruction of Serbian oil processing capacities. In parallel with the activities on carrying out the South Stream project, Serbia is investing significant means in the development of strategic gas storage facilities, the PM said. “Also, we are planning investments in two interconnections, with Romania and the Republic of Srpska, which will additionally contribute to the energy stability of Serbia and the region,” Cvetkovic concluded. The summit is addressing the issues of development of regional cooperation, drafting of joint regional energy strategy and promotion of energy security, and the participants are prime ministers of the Central, Eastern and Southeastern Europe.

PM at Energy Security Summit in Budapest

He pointed out that the region represented an important energy hub and transit route for energy supplies from Russia and central Asia.

“In that sense we must make a joint effort in order to carry out the planned new transit projects as soon as possible, which will provide stable energy supplies to Europe, as well as the diversification of energy sources, routes and markets.”

Cvetković pointed out that Serbia’s priority was carrying out the South Stream natural gas pipeline project, which should provide significant amounts of gas for the European market.

“At the same time we are open to participation in other projects and plans too,” the PM said.

“(Serbia's) investments in reconstruction of energy capacities on an annual level amount to about EUR 1bn, and I expect that this amount will additionally increase in the next five years,” he said.

The PM emphasized that Serbia had also started significant investments in new production capacities of electric energy, which included two lignite thermal power plants and a gas power plant, with 1.750 MW of total installed capacity, which represented about 20 percent of Serbia’s total production capacity.

“At the same time we are making a maximum effort in order to promote production of electric energy from renewable sources,” he said.

“All projects will be carried out through sole or majority participation of private capital, which indirectly cancels the monopoly in the field of electric energy production and additionally improves the efficiency of energy system,” Cvetković stated.

He stressed that Serbia signed a contract with Russian Gazpromneft at the beginning of 2009, which had started a comprehensive investment process in reconstruction of Serbian oil processing capacities.

In parallel with the activities on carrying out the South Stream project, Serbia is investing significant means in the development of strategic gas storage facilities, the PM said.

“Also, we are planning investments in two interconnections, with Romania and the Republic of Srpska, which will additionally contribute to the energy stability of Serbia and the region,” Cvetković concluded.

The summit is addressing the issues of development of regional cooperation, drafting of joint regional energy strategy and promotion of energy security, and the participants are prime ministers of the Central, Eastern and Southeastern Europe.