Serbia is working on a new gas agreement with Russia and will receive the best price in Europe, the head of the state -owned gas company at Reuters said in an interview on Wednesday.

Dusan Bajatovic, head of Srbijagas, also said that Europe – like Serbia – will have no choice but to return to Russian gas to meet its energy costs at a reasonable cost.

Serbia is one of the last remaining Russian gas buyers in Europe, taking about 3 billion cubic meters last year. It seeks to join the European Union, which has proposed this week a legally binding ban on imports of Russian gas and liquefied natural gas (LNG) by the end of 2027.

Bayatovic said the new contract with Gazprom will be in force since September, with a duration of either three or 10 years.

“The issue of honor has been a bit solved. It will be very good, it will be the best price in Europe, “Bajatovic said. He refused to give details, as the commercial talks are still continuing.

Bayatovic said the future of the gas market would be shaped by Russia and the United States as producers, and China as a big consumer, and Europe will have to live with it.

“They are mathematics. You cannot solve the equation of Europe’s supply with natural gas at acceptable prices without Russian gas, “he said on the sidelines of Russia’s main financial conference in St. Petersburg, which is avoided by most Western CEOs due to the war in Ukraine.

Bayatovic said he fully supports the idea of ​​buying American investors the Nord Stream gas pipeline.