Serbia stocked up on gas in May, Vucic said

The President of the Republic of Serbia Alexander Vucic . Archive photo

Serbia would be unable to pay for the gas and would have been bankrupt at current prices 4 thousand euros per 1 thousand cubic meters, if not start to accumulate reserves in may, said the President of Serbia Alexander Vucic.

The Serbian leader said in an address to the citizens on Saturday that the current three-year contract with Gazprom Belgrade receives about 63% of its needs – 2 billion cubic meters of natural gas per year, which is paid € 800 million. Missing 1.2 billion cubic meters of the Serbian authorities are forced to buy on the market.

“We used to buy large volumes of gas, which located in Hungary, at much lower prices than today. Count at current prices that we bought at a lower, saved Serbia from bankruptcy,” said Vucic.”Today’s price, and you can not less than 4.3 thousand dollars for one thousand cubic meter to buy (gas) based intermediaries and delivery, but will count for 4 thousand euros. Then we would have to 1.2 billion cubic meters was worth 4.8 billion euros. And all the Serbian budget, man is 13.5 billion euros. You know what that means bankruptcy? Fortunately, we have garnered at different prices in may,” said the President of Serbia.

Vucic announced on 8 August that Serbia’s reserves of natural gas in the country and in the territory of Hungary reached a historical maximum at the moment 262 million cubic meters of gas in the Serbian part of the underground storage “Banatski Dvor” and another 200 million cubic meters in Hungary.

Serbian leader at the end of July said that the authorities because of the global crisis and its impact on energy supply and food supply actually introduce a state of emergency from August 1 to March 31.