Feasibility study for Serbia-Hungary oil pipeline to be completed by end-2024

BUDAPEST - Serbia-Hungary relations are on an all-time high and a feasibility study for a new oil pipeline between the two countries - due to be built by 2027 - will be completed by the end of this year, Serbian Minister of Economy Adrijana Mesarovic and Hungarian Minister of Foreign Affairs and External Trade Peter Szijjarto said after meeting in Budapest on Wednesday.

At a press conference, they said preparations were underway to build a power transmission line between the two countries, to be completed in 2028.

Mesarovic said bilateral relations were on an all-time high thanks to Serbian President Aleksandar Vucic and Hungarian PM Viktor Orban, who she said had succeeded in transforming their countries to the benefit of both nations in a time of crisis.

"Thank you, as a country that holds the EU presidency, for seeing Serbia as belonging in the European community and for advocating Serbia's full EU membership. I am confident there will be concrete results during your presidency," Mesarovic said, noting that a commitment remained for both countries to cherish their relations in the future.

She said the meeting had also addressed energy stability.

"Energy stability is one of the pillars on which we are building strategic cooperation. The whole world is facing a crisis, and Hungary and Serbia have responded to that and resisted challenges successfully. Our strategic partnership is very important," she said.

Szijjarto said strategic cooperation was necessary between the Serbian and Hungarian economies.

"Thanks to our cooperation, we have succeeded in ensuring security of energy supplies. It is important to connect our two economies strategically," he said.

When it comes to gas transit, Serbia is a 100 per cent trusted country for Hungary, he said.

"Hungary attaches increasing importance to the South Stream, through which we are supplying our country with gas. Currently, there is 90 mln cubic m of gas at Hungarian storage facilities. If necessary, we are also ready to store larger quantities of gas for Serbia for the winter," Szijjarto said.