November 17th, 2011.

Prime Minister Mirko Cvetkovic said today at the opening of the Black Sea Energy-Economic Forum in Istanbul that Serbia is open to participate in projects aimed at strengthening the security of energy supply.

Cvetkovic said at the meeting in Turkey that Serbia is open to technological upgrading and expanding transport and storage facilities, as well as to regional networking.

The security of energy supply sources and routes is a major issue of the governments of the region and of the international expert and political public, the Prime Minister underlined.

He pointed out that the global economic crisis has not diminished the importance which the issue of energy security has at the global level, noting that Serbia got an important role and regional importance by joining the project of construction of the “South Stream” gas pipeline.

By signing the agreement with the Russian Federation, which includes the construction of a section of the international gas pipeline “South Stream” through Serbia and the construction of underground gas storage “Banatski Dvor”, the role and the level of responsibility Serbia takes over as part of the transit route leading to the European market is increasing, he said.

The Prime Minister pointed out that the development of the main gas infrastructure is also an opportunity to recruit business and service capacities of Serbia and for overall growth of the domestic economy, reduction of unemployment and the strengthening of the social component of the market economy.

Countries of the region of southeastern Europe have a great geo-strategic importance taking into account that they are on the transit route between Central Europe, the Caspian basin and the Middle East and thus represent a key area for building a European energy infrastructure, Cvetkovic said.

Serbia advocates the identification of specific projects that would be implemented through cooperation of the countries of the region.

These projects are the construction of pumped-storage hydroelectric power stations, interconnection between Republika Srpska, Serbia and Italy, implementation of renewable energy projects, laying of telecommunication cables parallel to the gas infrastructure and construction of regional gas storages, Cvetkovic specified.

The Prime Minister underlined that Serbia is very active in the Organisation of the Black Sea Economic Cooperation, especially in the working group for energy.

Considering the great energy potential of the Black Sea region, we intend to organise a ministerial meeting on energy during Serbia’s presidency of this organisation from January to June 2012, he announced.