Serbia starts to work on the construction of the South Stream gas pipeline.
Speaking at the ceremony marking the beginning of construction of South Stream’s Serbian stretch, Prime Minister Dacic said the project was a significant boost to the country’s economic development.
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The project is worth €1.7 billion to Serbia and will create an estimated 3,000 jobs, of which 2,000 will be directly related to the pipeline.
It is a landmark project in the context of Serbia’s European integration, making Serbia a vital piece of the European energy supply market.
“The importance of South Stream for Serbia can hardly be overestimated”, said Mr Dacic. “The project is one of the most valuable investments in Serbia in recent decades. It is set to create over 2,000 jobs and attract up to large volumes of foreign direct investment. It also positions our country as a key European energy hub.
The first Deputy Prime Minister Alexandar Vucic added, that “Serbia is on its European path and its determined to join the European Union, but we have a long history of acting as a gateway between Europe and the East thanks to its strategic geographic location. South Stream project demonstrates that Serbia still has an important role to play today as a key bridge between Europe and Russia.”
The pipeline is expected to transport up to 63 billion cubic metres of natural gas under the Black Sea to Bulgaria, Serbia and Hungary and then to Western Europe. The Serbian section will stretch to around 450km, running from the Bulgarian border near Zajecar across the country to the Hungarian border near Backi Breg and splitting into additional sections leading to Croatia and Bosnia-Herzegovina. It is expected to deliver over €2.2bn revenue to Serbia over a 25-year period.
Construction will be financed by Russia’s Gazprom but a significant part of the work will be carried out by Serbian companies.
The construction of South Stream will also lead to investments in subsidiary infrastructure such as gas plants, creating at least 1,000 new jobs and attracting €400 million annually in electricity exports.
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Mr Dacic further stated: “We look forward to working with our counterparts at Gazprom to develop and realise the opportunities South Stream can bring to Serbia and the whole of Europe. Energy security is one the key challenges facing the global economy today but the start of South Stream construction ensures Serbia and the wider region will be have access to reliable energy supplies to fuel future economic development and growth.”
