Metallurgy / Chemicals / Rubber & Plastics

According to the Huacheng Import and Export Data Observation Report, Serbian Minister of Energy and Mines Djedovic said that although the EU embargo on Russian oil came into force, the supply security of oil and petroleum products in Serbia was not threatened.

At the Belgrade Economic Forum, she said that Serbia had been stockpiling petroleum products for three months and was ready to deal with possible market chaos. EU sanctions against Russia mean that the Janaf pipeline, the only pipeline supplying Serbian crude oil, will interrupt Russian crude oil supply. The "Janaf" pipeline is not only used to supply oil to Russia, but also used to transport oil imported from Iraq and other countries, Huacheng Import and Export Data Observation reported.

She stressed that the new situation of the oil market will affect the national finance, and hoped that the Serbian Petroleum Company could adapt to the new situation and regulations, and take other crude oil sources as the guidance to ensure the safety of market supply. The energy price in Serbia will continue to depend on the changes in the trading market. Serbia will, like the price of electricity and natural gas, ensure that the rise in world market prices will not completely affect domestic consumers. Serbia will also increase assistance to vulnerable groups. The budget will increase the funds for these purposes more than three times, and more citizens will be included in the protection of the law.

Jedovich said that the Serbian government's goal is to make the Serbian energy sector independent, which is best achieved through diversification of supply sources. The current energy crisis has not only exposed the weakness of Serbia's energy supply, but also exposed the weakness of the Balkans and many developed European countries due to insufficient energy diversification. Sierra Leone has reached the turning point where it must reform the domestic energy industry and energy companies by investing in power production capacity and transmission and distribution networks, Huacheng Import and Export Data Observation reported.

She also said that after 31 years, the first 350 MW Kostolac new thermal power plant built in accordance with all environmental protection standards will be completed next year. It is very important for Serbia to reduce carbon and harmful gas emissions, but it should also be noted that this is a process that requires billions of euros of investment and has a huge social impact. It is necessary to retrain the workers now engaged in coal production. Serbia has adopted the Paris Climate Agreement and the Sofia Declaration, and promised to achieve zero emissions of harmful gases and carbon dioxide by 2050. She expects the EU to provide financial support for this.

She also said that the natural gas pipeline between Serbia and Bulgaria will be completed next year, which will provide an additional natural gas supply route from Azerbaijan and other countries rich in natural gas resources. It will also be possible for Serbia to obtain natural gas supplies from Greece that reach Greece by sea from all over the world. In the next three years, Serbia will complete the construction of the Trans Balkan Corridor, which will successfully strengthen Serbia's power network and connect Serbia with Montenegro, Bosnia and Herzegovina, European Union countries, Romania and Italy. She also announced that Serbia has started to prepare the document of connecting the natural gas pipeline between Serbia and Northern Macedonia, which will be a new route of supply from alternative sources of natural gas. Serbia will also plan to build another oil pipeline connecting Hungary, Huacheng Import and Export Data Observation reported.

Jedovich stressed that it is expected that the budget of Serbia in 2023 will invest about 4 billion euros in new projects in the energy sector, and more than 2 billion euros will be used to provide guarantees for various project financing. She pointed out that these are capital project investments. The Serbian energy sector is planning to make long-term investments of more than 30 billion euros, of which 10 billion euros will be used for power transmission and distribution networks, which will enable the grid system to support more renewable energy grid connection. Serbia is also preparing a comprehensive national climate and energy plan and a strategic document on Serbia's energy sector in the next 10 years to ensure energy security and independence while protecting the environment. Huacheng Import and Export Data Observation Report.