Kragujevac, March 13. 2010 (Serbia Today) – Serbian Minister of Energy and Mining Petar Skundric said today that some €9 billion will be invested in the Serbian energy sector over the next five to seven years. Opening the international conference "Energy and Sustainable Development", which will be held in Kragujevac until 13 March, Skundric said that €4 billion will be used for the general overhaul, revitalization and increase of environmental standards, and €5 billion for building capacity in the field of energy.
He also said that €3 billion will be invested in renewable energy sources, and €500,000 for electrical transfer projects, since Serbia holds an important position in the region. In the gas sector field, the investment cycle started with the construction of an underground gas storage facility in Banatski Dvor and construction of one more storage facility is planned. The plan is to complete the construction of the "gas ring" in the next few years to enable the integration of Western Balkans into the EU gas market.
The Minister stressed that Serbia is able to build plants using renewable energy sources. Also, we have very good resources for the construction of small hydropower plants, he said adding that Serbia is also rich in eolic and solar energy sources. Italian Ambassador to Serbia Armando Varricchio and Deputy Head of European Commission Delegation to Serbia Adriano Martins noted that despite the fact that Serbia is lagging behind in terms of energy efficiency, it has capacities that can contribute to future development. Chairman of the Management Board of Fiat Automobili Srbija Giovanni de Filippis noted that his company is also working on developing production electric vehicles.
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