Serbia and Hungary signed an agreement on Tuesday for the construction of a 128-kilometer oil pipeline that will connect the Serbian city of Novi Sad with the Hungarian city of Algió, the Hungarian Foreign Ministry said, according to the EFE agency, according to Agerpres.

“The more sources, routes and cooperation we have, the more energy security will grow,” said Hungarian Foreign Minister Peter Szijarto, who attended the meeting of the governments of Serbia and Hungary.

The construction of this pipeline is a joint project of the Hungarian company MOL and the Serbian company “Transnafta”. But the governments of Belgrade and Budapest have not yet specified when this pipeline will be put into operation.

Also, the gas companies of the two countries – the Serbian company Srbijagas and the Hungarian MVM – will create a consortium that will start working from the fall of this year.

Both Serbia and Hungary are heavily dependent on Russian energy sources, and both countries maintain close relations with Moscow.