Serbia’s Mining and Energy Minister Dubravka Đedović visited a petroleum derivatives storage facility in the northeastern city of Smederevo, where construction works for new storage reservoirs are underway (28 July).
“All additional quantities of oil and petroleum derivatives we can secure and store in Serbia as reserves mean additional energy security for our economy and citizens. Six new petroleum derivatives reservoirs are being built in Smederevo, capable of storing a total of approximately 100,000 tons of oil,” said Minister Đedović.
Following discussions with the contractors, the Minister said that the works are proceeding according to plan, with two reservoirs almost entirely built and the remaining four reservoirs expected to be completed by the end of the year.
The total cost of the project amounts to around four billion Serbian dinars (34 million euros), the Serbian Energy and Ministry Ministry said via a press release.
“Now we need to focus on the accompanying infrastructure, building necessary pumping stations and water reservoirs. We will secure additional funds to complete these additional investments as soon as possible, so that the new reservoirs can be put into operation and filled. This way, we are increasing our petroleum derivatives reserves, primarily mandatory but also commercial reserves, and enhancing the supply security for our citizens,” the Minister added.
Mandatory petroleum derivatives reserves in Serbia increased by 54 per cent in 2022, compared to 2021 levels. During the site visit, Minister Đedović said that in Serbia’s EU accession negotiations, there is an obligation to increase mandatory reserves of oil and petroleum derivatives. In the coming years, Serbia plans to secure additional storage facilities, which are expected to be predominately state-owned.
“We have secured additional quantities this year as well, and we will continue to work on that. At the moment, we have reserves of oil and petroleum derivatives for 91 days of average consumption, which provides greater security to overcome any disruptions in the global markets,” said Minister Đedović.
During her visit to Smederevo, the Serbian Energy Minister also met with the city’s Mayor Jovan Beč and discussed the implementation of a new energy efficiency program for houses and apartments, for which contracts were recently signed with local self-governments.