Vucic: Project to build Serbia-Hungary oil pipeline to be completed in Q3

BELGRADE - Serbian President Aleksandar Vucic announced on Tuesday a project to build a Serbia-Hungary oil pipeline from Novi Sad to Algyo was due to be completed in Q3 2025 and that construction works could begin in Q4.

Speaking to reporters after a meeting with Hungarian Defence Minister Kristof Szalay-Bobrovniczky, Vucic also said he would meet with Hungarian PM Viktor Orban soon to continue the strategic cooperation between the two countries on all important issues.

He noted that Serbia and Hungary were dependable partners in the energy sector.

"In Q3, we will complete a project to build an oil pipeline from Algyo to Novi Sad, which will cost us an estimated 129.5 mln euros approximately. We are due to start building the oil pipeline in Q4 and to complete it in Q1 2027, before the EXPO. Then we would have another oil pipeline besides Janaf, greater opportunities and more significant diversification of oil supply sources, which can also be incomparably cheaper for Serbia," he said.

Just like Serbia is a dependable supplier of gas - a transit country for gas that Hungary can always count on - I know that Hungary has also been, and will always be, a dependable partner to Serbia in this regard, Vucic said.

"More joint work is still ahead of us in the military sector, additional building of trust and more good relations between Hungarian and Serbian soldiers, but I believe all we are doing will mean greater security for all our citizens," Vucic said.

He said the volume of bilateral trade with Hungary had totalled 3.03 bln euros last year, with Serbian exports to Hungary rising by 5.6 times relative to 2012.

"I think that says enough about Serbia-Hungary relations, which is hugely beneficial to Serbian as well as to Hungarian citizens, and imports from Hungary have risen by 2.3 times relative to the same period. Hungary is now Serbia's fifth-largest (trading) partner and getting closer to the fourth place, and it used to be Serbia's 13th-largest partner," Vucic noted.