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in Athens. member, it will no longer be able to receive recently announced a sizeable package of anti-
“The supply of lignite and coal from the seaborne oil from Russia. That leaves Serbia crisis measures to help the country cope with
Greek mines will continue uninterrupted with Iraq as its main oil supplier. Again, soaring energy prices.
through the fourth quarter of this year and the Serbia is scrambling for new suppliers of oil, All countries in the region, both EU
first quarter of next year, so that the operation as well as gas and electricity, and officials members and aspiring members, plan to
of thermal power plants REK Bitola and REK have indicated it will consider any supplier, invest in renewables and end their use of coal.
Oslomej will continue without interruption,” reportedly including Iran. The green transition is already underway,
Kovacevski said, according to the government Contacted by bne IntelliNews, Serbia’s albeit with states in the region at very different
statement. energy ministry said: “The main goal is to stages, and there are numerous investments
Kovacevski said that they had also reached ensure sufficient quantities of crude oil for the into solar, wind, hydro and even geothermal
an agreement on the uninterrupted supply of smooth operation of the refinery in Pancevo, energy. While the emergency move back to
fuel oil through Greece for the operation of and to ensure the security of supply to the coal generation is anticipated continue though
TEC Negotino TPP. domestic market. The sixth package of EU the winter ahead, with worrying consequences
In Greece, Kovacevski and Mitsotakis sanctions against the Russian Federation for air pollution, in the longer term the
also discussed major energy projects such as prescribes the deadline for the purchase of need to have secure energy supplies and end
the construction of the gas pipeline through Russian crude oil, which is November 1, 2022. dependence on Russia is expected to be an
Greece, Evzonoi interconnector to North After that date, the purchase of crude oil of added impetus for investment into cleaner
Macedonia, a new gas power plant and the Russian origin for processing in a domestic energy.
Cebren hydropower plant. refinery will no longer be possible.
With ageing power plants and facing the “In the previous period, the refinery in
imminent cut-off of oil supplies from Russia Pancevo also processed crude oil of other EBRD to lend €275.4mn to
in November, Serbia is scrambling to import origins in addition to the crude oil of Russian
coal, electricity, gas and oil from multiple origin, depending on the availability and Bulgargaz, Bulgatransgaz to buy
sources. economic conditions of procurement on the
The costs will be high. Serbia is looking at world market. In the following period, the more natural gas
spending €3bn, or 4.5% of its annual GDP, on refinery will continue to process other types
electricity, gas and fuel oil imports between of crude oil that are not of Russian origin, as it The European Bank for Reconstruction and
October 2022 and March 2023, Mihajlovic is possible to obtain them on the free market,” Development (EBRD) intends to lend a total
told Reuters. the ministry’s emailed statement added. of €275.4mn to Bulgaria’s state-owned natural
Serbia typically feeds its coal power plants Bulgaria lost its supplies of Russian gas gas supplier Bulgargaz and its subsidiary,
with coal produced domestically as well in April when then president Kiril Petkov the gas transmission system operator
as imports from Bosnia and Herzegovina, refused to pay in rubles. Petkov aimed to buy Bulgartransgaz, to support the acquisition
Bulgaria and Montenegro. This winter it plans in liquefied natural gas (LNG) from the US of natural gas and replenishing the national
to import 2.5mn tonnes of additional coal, and increase gas imports from Azerbaijan. reserves, it said in two separate statements on
with Energy Minister Zorana Mihajlovic After his government was ousted in September 21.
naming Bulgaria, Bosnia, Romania and June, the new caretaker government said it Bulgargaz will receive up to €150mn under
Greece as the main expected source countries would reopen talks with Gazprom – leading the Resilience and Livelihoods Framework to
in an interview with Reuters on September 15. to accusations of trying to return Bulgaria partially refinance a bridge loan received from
However, Serbia’s power generation to Russia’s sphere of influence – as well as the government and for acquisition of more
capacity is limited and last December exploring other sources. natural gas. This loan will be guaranteed by
electricity supplies for thousands of people Bulgaria, like Serbia, is looking to Bulgaria.
were cut off following serious snowstorms. Azerbaijan, and in mid-September offered to “This project was approved in the context
Thus as well as coal from its own power export electricity to Azerbaijan in exchange of the Bank’s response to the Russian-led
plants, Belgrade also wants to import for more natural gas. Azerbaijan is already invasion of Ukraine in February 2022. To
electricity, and state-owned power utility supplying 1bn cubic metres of natural gas per avoid delays to the delivery of this project,
company EPS recently agreed to buy 2,600 year to Bulgaria and has said it could double the bank’s president granted a deviation from
MWh from Azerbaijan, which is growing in that amount. Bulgaria’s Ministry of Economy the ordinary timelines for PSD disclosure, as
importance as an energy supplier to Southeast and Industry by Minister Nikola Stoyanov contemplated by Section V of the Directive
Europe. Talks with Turkey on transmitting also held talks with Iranian ambassador Syed on Access to Information. Details of this
the electricity are now in progress. Mihajlovic Mohammad Jawad Rasooli on September deviation, and the bank’s response to this
told Reuters that Belgrade is also in talks on 13, according to a ministry statement, which situation, can be found on our website,” the
electricity supplies from Hungary. described the conversation as a “continuation EBRD said in one of the two statements.
As one of the only remaining European of the search for all opportunities to ensure This loan would enable Bulgargaz to
countries that still has friendly relations the diversification of our country”. acquire natural gas from diversified sources,
with Russia, Serbia managed to secure a new Elsewhere in the region the situation including from the Balkan Gas Hub and by
long-term gas contract with Gazprom in May is somewhat easier, but even in Romania importing liquified natural gas (LNG).
on relatively favourable terms. However, this the government is seeking to speed up With the second loan, of €125.4mn,
won’t cover all of its gas consumption and development of major gas projects. Bulgartransgaz will be able to refinance a
Serbia hopes Azerbaijan will step in again to Long before the current crisis, Croatia bridge loan from the government and acquire
supply gas, which will be facilitated by the took the step of setting up a floating LNG natural gas in order to accumulate and
Serbia-Bulgaria gas interconnector. (FLNG) terminal off the island of Krk, replenish the national gas reserve. This loan
From November 1, new EU sanctions supporting its energy independence, and also will also be guaranteed by Bulgaria.
mean Serbia will no longer receive Russian oil has ambitions to become an LNG hub for
that is currently delivered by tankers through the region. Zagreb now intends to double the
the Adriatic Sea, and then via the Adriatic Oil capacity of the terminal from 2.9 bcm to 6.1
Pipeline (Janaf) through Croatia to Naftna bcm, Prime Minister Andrej Plenkovic said in
Industrija Srbije (NIS). As Croatia is an EU June. Nonetheless, the government in Zagreb

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