A new law on energy should ensure a safe and reliable supply of energy in Serbia, to allow the country to be less dependent on import and become an energy exporter, Minister of Mining and Energy Petar Skundric said Wednesday.

These goals can be accomplished with a good law, which would allow investments in the energy sector, he noted, adding that the investments could be as high as EUR 14 billion.

Serbia has begun a EUR 10 billion investment cycle when it comes to energy, Skundric stated, opening a public debate on a draft energy law.

The bill is in line with EU legislation, said Skundric.

Its goal is to integrate Serbia into the regional energy market and raise the overall competitiveness of the national economy, he explained.

Elektroprivreda Srbije, the country's power company, is the biggest investor in the energy industry, with some EUR 500 million invested in the past three years, the minister remarked.

The investments into the petroleum industry are also very important and should reach around EUR 1 billion in the coming period, he stated. Skundric also pointed out the significance of the modernization of the oil refinery in Pancevo, near Belgrade.

The possibilities for investments in renewable energy sources are at around EUR 2-6 billion, but the actual amount is going to depend on the ability to attract investors.