BUDAPEST, July 21 (Xinhua) -- Hungary and Serbia will construct a new oil pipeline between the two countries to enhance energy security and preserve the results of Hungary's utility cost reduction measures, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said here on Monday.

Speaking after talks with Russian Deputy Energy Minister Pavel Sorokin and Serbian Energy Minister Dubravka Dedovic, Szijjarto said the pipeline could be operational as early as 2027. The project will involve the construction of approximately 180 kilometers of new pipeline within Hungarian territory and is expected to have an annual capacity of up to five million tons.

Szijjarto criticized recent decisions by the European Union, stating that they threaten to undermine the continent's energy security by aiming to eliminate Russian oil and gas imports.

"They want us to stop using Russian oil and gas altogether. They want to shut down transport routes. The result is clear across Europe: people now pay multiple times more for energy than in other parts of the world," he said.

He said Hungary remains committed to maintaining affordable energy for households and believes that expanding infrastructure and diversifying supply sources are essential to stabilizing prices across Europe. ■