Albania, Serbia sign memorandum to cooperate in energy, mining sectors

Albania and Serbia have signed a memorandum of cooperation in the energy and mining sectors, envisaging mutual support for investments in new capacities, primarily the construction of a liquefied natural gas (LNG) terminal in Albania.

The memorandum of cooperation in the energy and mining sectors between Albania and Serbia was signed at a summit of the Open Balkan initiative in Belgrade by Albanian Minister of Infrastructure and Energy Belinda Balluku and Serbian Minister of Mining and Energy Zorana Mihajlović.

The memorandum envisages mutual support between the two countries for investments in new capacities, primarily the construction of an LNG terminal in Albania, and the development of renewable energy capacities, as well as forging mutual ties in these fields.

The document also envisages cooperation in the fields of geology and mining

The document also envisages the exchange of scientific and technological research in the field of green energy and forging closer business and economic ties in the energy sector, including the use of transportation, transmission, and storage capacities. Also, the document calls for cooperation in the fields of geology and mining, with a particular emphasis on cleaner technologies and sustainable development.

The signing of the memorandum, according to Mihajlović, is an important step towards building closer links in the energy sector as part of the Open Balkan initiative, given the fact that both Serbia and Albania intend to build new renewable energy capacities as well as step up cooperation in the natural gas sector, primarily when ti comes to the construction of a new LNG terminal in Albania and the opportunity for Serbia to be part of that project.

The talks also covered solidarity and mutual support during the energy crisis

“Any future agreements on specific projects, whether on joint balancing, or building gas interconnections or solar power plants, will speed up the energy sector modernization in all countries and ensure long-term energy security,” she said.

Mihajlović said that the task force on food and energy within the Open Balkan initiative discussed solidarity and mutual support during the energy crisis as well as potential projects to improve the energy security of the countries and the entire region.

Mihajlović, Bekteshi discuss energy security, new projects

Mihajlović also had a meeting with North Macedonia’s Minister of Economy Kreshnik Bekteshi to discuss cooperation on energy, energy security, and new projects.

The talks covered energy storage opportunities, primarily gas, as well as electricity balancing and the creation of a joint fund to finance future projects.

At the previous meeting of the Open Balkan initiative, Albania, North Macedonia and Serbia agreed to set up a working group on the energy crisis and joint strategic projects, tasked with preparing proposals for joint investments.