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Gazprom and Srbijagas Commission South Stream’s First Facility

Source: www.gulfoilandgas.com 11/22/2011, Location: Asia

Led by Alexey Miller, Chairman of the Gazprom Management Committee the Company's delegation paid a visit to the Republic of Serbia.

As part of the visit, a working meeting took place between Alexey Miller and Boris Tadic, President of the Republic of Serbia. The parties discussed the cooperation in the petroleum sector placing an emphasis on the prospects for the South Steam project. It was noted that the South Stream construction in Serbia would help fulfill the industrial potential of the Republic. In particular, the new project will create about 2,200 workplaces in Serbia and attract up to EUR 1.5 billion of direct investments.

The meeting reviewed the issues relevant to formulating the terms and conditions for long-term Russian gas deliveries to Serbia, developing local oil refining and petrochemical capacities as well as establishing gas-fired power plants supplied by Gazprom on special terms.

The meeting resulted in signing of a Memorandum by Alexey Miller and Dusan Bajatovic, Director General of state-owned Srbijagas in the presence of Boris Tadi. The Memorandum outlines the parties' intent to sign in the nearest future a long-term purchase and sale agreement for natural gas, with annual gas supplies hovering around 2 billion cubic meters.

Boris Tadic and Alexey Miller took part in the events dedicated to inauguration of Banatski Dvor, one of the largest underground gas storage facilities in Southeastern Europe. Its working gas volume makes up 450 million cubic meters, maximum deliverability – 5 million cubic meters per day. Besides, Banatski Dvor has a potential for further expansion. The UGS facility enhances the security of Russian gas export to Hungary, Serbia, Bosnia and Herzegovina.

Boris Tadic and Alexey Miller also visited the Pancevo oil refinery owned by NIS – Gazprom neft, examined the ongoing upgrade operations and took part in the unveiling of a new control room within the unified management system for the refinery production sites. The refinery upgrade enables Gazprom Group to build up supplies of petroleum products and fuels meeting high European standards in the Serbian market. “The Banatski Dvor UGS facility, upgrade of the Pancevo oil refinery and the South Stream gas pipeline will fundamentally improve energy security in Serbia. Cooperation with Gazprom makes Serbia a huge European center for gas transit and storage as well as a significant producer of petroleum products.

This offers new opportunities to Serbia, including the national economy growth and transformation into a prominent player in the European energy market.

In fact, the Banatski Dvor UGS facility commissioning means the launch of the first facility within the South Stream project,” said Alexey Miller.

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