Hungary, Serbia sign energy agreements

Energy Trade

Agreements have been signed allowing Serbia to store 500 million cubic meters of gas in Hungary for the winter and paving the way for the connection of the two countries' electricity markets, Minister of Foreign Affairs and Trade Peter Szijjarto said after a meeting with Serbian Finance Minister Sinisa Mali in Belgrade on Friday, according to a report by state news wire MTI.

Hungary will start storing the gas for Serbia on July 1 and will begin releasing 3 mln-6 mln cubic meters a day to Serbia from October 1, Szijjarto said.

By connecting the two countries' electricity markets, Hungary is joining an initiative by Serbia and Slovenia to establish a common regional energy bourse, he added.

The agreement also includes provisions to raise the annual interconnector capacity between Hungary's and Serbia's electricity networks by 500 MW from 1,000 MW at present, he said. A new power line between Sándorfalva, in Hungary, and the Serbian city of Subotica will be completed by the spring of 2028, he added.

The sides also agreed to implement joint developments in renewable energy and to use Hungarian technology for power plant projects in Serbia, he said.

Szijjártó also met with Serbian President Aleksandar Vucic on Friday. Their talks focused on energy security and the strategic partnership between the two countries.

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