Siyjarto: Hungary-Serbia oil pipeline to be built in three years

Hungary's Foreign Minister Peter Szijjarto said on Tuesday that the construction of an oil pipeline from Hungary to Serbia will be completed in three years.

The 120-kilometer (75-mile) pipeline will run from the Hungarian town of Szeged to the Serbian town of Novi Sad and will have a capacity of 1.2 million tons of oil per year.

The project is part of a broader plan to increase energy cooperation between the two countries and reduce their dependence on Russian energy supplies.

Szijjarto said that the pipeline will be built by a Hungarian-Serbian consortium and that the cost of the project is estimated at 120 million euros ($128 million).

The construction of the pipeline is expected to start in 2024 and be completed in 2027.

The pipeline will be an important addition to the energy infrastructure of both Hungary and Serbia and will help to ensure the security of energy supply in the region.

It will also contribute to the economic development of both countries by creating jobs and attracting investment.

The project is supported by the European Union, which has provided a grant of 50 million euros ($53 million) to help finance the construction of the pipeline.