Energy policy reforms in the Serbian oil sector: An update

Since 2012, when Serbia became a candidate for European Union membership, the harmonization of the Serbian energy policy regulatory framework in compliance with EU energy acquis has been accelerating. An umbrella framework adopted recently as a basis for conducting reforms in all Serbian energy sub-sectors involves a new Energy law that transpose the EU Third Energy Package and a new Energy Development Strategy of Serbia by 2025, with projections to 2030. The priorities of Serbian energy policy are increasing energy security supply, the further development of the energy market, and provision of sustainable energy development. The adopted strategic objectives for the oil sector are: providing a secured supply on the domestic market in petroleum products whose quality meets the highest EU standards; reduction of import dependency, and securing new crude oil supply routes. This paper provides an overview of the Serbian oil sector reforming progress concerning adoption of new legislation relating to key issues for adjustment with EU directives. Also, it represents new activities and major development projects in the oil sector, including projects that contribute to the development of the Serbian oil sector on the principles of sustainability.