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The Government of the Republic of Serbia

In the service of citizens

Signing of memorandum for development of Pan-European oil pipeline on March 21 and 22

Belgrade, 9 February 2006

The Serbian Ministry of Energy and Mining stated that at the seventh meeting of the Interstate committee for monitoring the realisation of the project of Pan-European oil pipeline held today in Zagreb, it was confirmed that the Memorandum of Understanding for the support and development of those projects will be signed on March 21 and 22 in Trieste.

Radomir Naumov

Author: Tanjug

The statement says that the signing of this interstate document by the Serbian Minister of Energy and Mining Radomir Naumov and his counterparts from Romania, Croatia and Italy will give a new impulse to the realisation of this regional infrastructural facility.

A Slovenian representative will attend the signing ceremony, but will not sign the Memorandum because the feasibility study ordered by the Slovenian government has not been finished yet.

The Pan-European gas pipeline is gaining increasing importance and from a regional facility, it will turn into a project that is significant for entire Europe, the statement says and goes on to say that it will link the Caspian and Russian regions rich in oil with the countries of the European Union.

The 1,319-kilometre long oil pipeline will pass through Romania, Serbia, Croatia, Slovenia and Italy, and its construction would significantly relieve the very dense tanker traffic in the Adriatic Sea, Bosporus and Dardanelles. The value of the oil pipeline from the Romanian port of Constanta to the Italian Trieste is estimated at approximately $2 billion.