Serbia, Hungary continue strengthening energy cooperation

At the meeting, Đedović Handanović thanked Hungary for its support to Serbia and NIS regarding sanctions and for helping maintain regional oil supply stability.

“We requested a 90-day delay for the sanctions. I believe the State Department is considering it. We are awaiting response from the Russian side as well, given that they too need to conduct certain steps, as their company is about to be hit by sanctions,” she stated.

She highlighted the challenges with financial institutions concerning loans to NIS and payment operations. “Banks won’t be willing to work with a company under sanctions, which jeopardizes credit card payments at gas stations,” said Đedović Handanović.

Gas transit to Hungary from Serbia increased last year

One of the key topics discussed was gas supply cooperation. Gas transit volumes from Serbia to its northern neighbor increased last year.

“Hungary is our reliable partner in storing gas, with about 49 million cubic meters currently in their storage facilities. I expect us to continue the cooperation after April 1, and discussions are underway between gas companies regarding commercial terms,” Đedović Handanović emphasized.

She said the construction of the Serbia-Hungary oil pipeline is expected to begin early next year at the latest, adding it would enhance regional energy security.

Szijjártó: There is no energy security for Hungary without Serbia

Hungarian Minister Péter Szijjártó pointed to the importance of strengthening regional cooperation. “Today we can say with certainty that there is no energy security for Hungary without Serbia, as almost 100% of our gas supply is covered by Serbia,” he said. Last year, a record was set in gas delivery, with 7.6 billion cubic meters reaching Hungary via the TurkStream pipeline, Szijjártó underscored.

The decision by the administration of previous United States President Joe Biden to impose sanctions on NIS could have serious consequences, not just for Serbia, but for all of Central Europe, the Hungarian official warned, as quoted by the Serbian ministry.

“If Serbia is unable to process oil at its refinery, there is a real danger that entire Central Europe will feel the consequences of these political decisions,” Szijjártó emphasized.

He added that Serbia and Hungary reached an agreement on close regional cooperation to ensure uninterrupted fuel supply in case of sanctions. “We continue to strengthen our energy cooperation with the goal of stable supply and protecting the interests of our citizens and companies,” he stated.

The two countries have agreed to double their electricity exchange by 2028, further ensuring the stability of the energy system in the region, Szijjártó noted.