Meeting of International Committee for Development of Pan-European Oil Pipeline on June 4th in Belgrade

- The meeting of the International Committee for Development of Pan-European Oil Pipeline will be held tomorrow (June 4, 2008) in Belgrade - the Ministry of Energy and Mining announced.

At that meeting, the representatives of Croatia, Italy, Romania, Serbia and Slovenia will talk about further steps concerning construction of that oil pipeline.

On that occasion, the Ministry will organize press conference tomorrow and the host will be the Assistant to the Minister, Slobodan Sokolović, who is the chairman of the International Committee.

Construction of the oil pipeline, of which annual capacity is estimated to 60 - 90m tons, should cost about 3.5 billion USD, while construction in Serbia costs about 300m USD.

Once completed, Pan-European oil pipeline will transport oil from east zone of the Black Sea to European market.

In April 2007, the Ministerial declaration was signed in Zagreb and, in that way, political support was given to the project.

That oil pipeline, 1,400 km long, should pass through Romania, Serbia, Croatia and Slovenia – until it reaches Italy.

The stockholders in the newly formed company for development of this project will be authorized companies from the countries that are included in this project.

International Committee for Development of PanEuropean Oil Pipeline

Slobodan Sokolović

Ministerial declaration on construction of Paneuropean Oil Pipeline