"EUR 10 billion to be invested in energy in next 8 years"

PM Ivica Dačić says Serbia will invest EUR 10bn in the development of the energy sector in the next eight years, which will complete a new investment cycle.

Source: Tanjug

He spoke at a conference entitled "South Stream - the Evolution of a Pipeline" on Thursday and said EUR 3 billion will be invested in the oil sector in the next 3 years, EUR 2 billion in renewable sources and another EUR 2 billion in the gas sector.

According to Dačić, the relations with Gazprom from Russia are extremely important, together with the construction of a 440 km section of South Stream.

It is the most important project in the gas industry, together with the construction of the storage in Banatski Dvor and Itebej, which will make Serbia and important facto in the region's energy stability, Dačić underscored.

"South Stream will be a significant help in providing jobs for Serbian companies and people, and the project is the basis f the joint European future of all the countries it goes through," he noted, stressing that the government was aware of its obligations and that he was certain it would complete them on time.

The gas production in 2016 will be at 11.8 billion cubic metres per year, in 2020-2021 it will be 36 billion cubic metres and in 2015 40 billion cubic metres of natural gas, he pointed out.

A gas ring will connect Romania, Bulgaria, Croatia and Macedonia, and there are also plans to connect with Bosnia-Herzegovina too, he said.

"The development of the energy policy will enable safe energy supply for Serbia and faster economic development," Dačić remarked, emphasizing that Serbia's energy development was based on clean technologies.

He pointed to the words of the great Serbian scientist Nikola Tesla, who said at the opening of the first hydroelectric power station at the Niagara Falls that global progress depended on energy development.

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