Serbia to ratify South Stream pipeline

BELGRADE, Serbia, Sept. 5 (UPI) -- The Serbian minister of energy Friday called on Parliament to ratify a deal with Russia over the planned South Stream pipeline.

Serbia signed a deal with Russia in January to proceed with the South Stream gas pipeline through the region and a separate agreement for Russian energy giant Gazprom Neft to acquire a 51 percent stake in the Serbian state-owned oil company.

"Taking into consideration Russia has completed all the procedures, I urge you to do everything possible to ratify the document for the good of Serbia and Russia," the Serbian minister, Petar Skundric, said.

Skundric noted the energy deal would bring Belgrade closer to Moscow and Europe as Serbia would emerge as a major gas transporter, RIA Novosti reported Friday.

If it proceeds to development, South Stream could bring 353 billion cubic feet of natural gas from Russia to Europe annually. The project, however, is hampered by financial and environmental concerns.

The Serbian Parliament is expected to ratify the deal next week.