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The Government of the Republic of Serbia

In the service of citizens

Declaration on construction of pan-European oil pipeline signed

Zagreb, 3 April 2007

Serbian Minister of Energy and Mining Radomir Naumov, EU Commissioner for Energy Andris Piebalgs and energy ministers of Romania, Croatia, Slovenia and Italy signed today in Zagreb a ministerial Declaration on the construction of pan-European oil pipeline Constanta-Pancevo-Trieste, whose value is estimated at approximately $2.6 billion.

Naumov said that the signing of this act gives a new strong impetus to region’s European integration.

According to him, the construction of this pipeline is of economic and energy importance both for countries of the region as well as for the whole region and the EU.

Naumov recalled that under the energy package of the European Commission considered by the EU Council, and under its 2007 to 2009 plan, European stability directly depends on stability of energy supply in an ecologically sustainable way.

He said that the signing of the interstate document in Zagreb added a new, huge step forward in the realisation of this regional infrastructure object, not only because of the European Energy Commissioner’s support, but because of a clearly-defined determination of all signatories to cooperate and synchronise their efforts in order to facilitate and endorse the development of the Pan-European oil pipeline project.

Furthermore, the Declaration implies increased cooperation among countries the pipeline will go through, as well as other countries which have shown interest in the project, said Naumov.

Naumov stressed that through the interstate committee, countries which are hosts of the project will define joint mechanisms, procedures, protocols and activities for commercial realisation of the project, including the set-up of the company for the project’s development.

The Pan-European oil pipeline is increasingly gaining importance and from a regional project is now evolving into an important European infrastructure facility which will connect the oil-rich Caspian Sea and Russian regions with EU countries.

The 1,319 kilometre pipeline will traverse the territory of Romania, Serbia, Croatia, Slovenia and Italy and its construction would considerably disencumber the extremely heavy tanker traffic in the Bosporus and the Dardanelles, as well as in the Adriatic Sea. It is expected that the Pan-European oil pipeline be put into operation between 2011 and 2013.