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The Government of the Republic of Serbia

In the service of citizens

Serbia main strategic partner of Russia in Balkans

Belgrade, 13 December 2013

Minister of Natural Resources, Mining and Spatial Planning Milan Bacevic and Russian Minister of Energy Alexander Novak reached an agreement today on the continuation of cooperation and joint investments in various fields.

Alexander Novak e Milan Bacevic

Bacevic, who led a Serbian delegation at the 12th session of the Intergovernmental committee for trade, economic and science technological cooperation between Serbia and Russia, underlined after signing the protocol from the session that the level of economic cooperation between Serbia and Russia is close to the level of excellent political relations.

The Minister noted that this year has been very successful for the work of the Intergovernmental committee, and recalled that several important projects have been launched, the most important of which is the construction of the gas pipeline South Stream.

He added that the foreign trade deficit which Serbia had with Russia has been reduced.

Novak underlined that Serbia is Russia’s main strategic partner in the Balkans.

He stated that he spoke with Bacevic about the investment programme of the Serbian oil industry NIS, which deals with reconstruction of the Novi Sad refinery and the increase of processing of petroleum derivatives in the Pancevo refinery.

Novak announced that €1.5 billion will be set aside for the realisation of these goals in the next two years and added that other areas of cooperation were also examined at the session, for which over $5 billion will be earmarked in the near future.