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Serbia Begins Talks With Russia to Secure Gas Deal, Vucic Says

© Sputnik / Aleksey Nikolskyi / Go to the mediabankVladimir Putin with Aleksandar Vucic during the Russian president's visit to Serbia (File photo)
Vladimir Putin with Aleksandar Vucic during the Russian president's visit to Serbia (File photo) - Sputnik International, 1920, 06.05.2022
BELGRADE (Sputnik) - Serbia is about to open negotiations with Russian gas giant Gazprom to secure a long-term supply contract, President Aleksandar Vucic announced Friday.
"We are moving toward talks with Gazprom on gas supplies because we rely on Russia for 100% of our gas needs and it will remain so for at least two more years, maybe more," he said in an address to the nation.
Under a contract that expires in June, Serbia receives 6 million cubic meters of gas from Russia a day at a minimal price of $270 per 1,000 cubic meters.
Vucic said that the new price would likely be a combination of the so-called oil formula and the market price. It could range $320-325 per 1,000 cubic meters in the most favorable 100% oil formula scenario. A combination of 80% oil formula and 20% market price would result in $417 and the 70% to 30% split would mean $482.
The Serbian president said the new price cap on diesel fuel would be reset to a low of about 200 Serbian dinars ($1.80) starting Friday evening after he talked to the national oil and gas company NIS, where Gazprom Neft owned a majority stake.
Vucic also predicted that Europe would put more pressure on his administration to recognize Kosovo to prevent Russian President Vladimir Putin from drawing parallels between the EU-backed breakaway territory and Ukraine’s eastern provinces. He said Serbia wanted to stay non-aligned.
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