In the previous three to four years, Serbia invested the total of EUR 3 billion in the energy sector, Petar Skundric, energy advisor to the prime minister, said on Friday.

He said at the opening of the regional conference dubbed 'Sustainable energy for a sustainable future' that this investment cycle will continue in the coming years.

We plan to invest around EUR 9-10 billion in electro energy in the coming four to five years, and EUR 1.5 billion in the oil sector in the coming three years, Skundric said adding that great investments are also expected in the gas sector.

One of the largest energy projects - construction of the South Stream gas pipeline, is to be launched late in 2012, he said.

This year will see the completion of the capital reconstruction of the Pancevo-based refinery of Naftna Industrija Srbije, which will raise the investments in Serbia's oil sector to around billion euros, Skundric said.

Last year, the production growth of the energy sector was around three percent, while the number of employees increased, and the energy companies achieved the best business results ever, he said, adding that last year the profit of NIS amounted to EUR 400 million, while Elekroprivreda Srbije reached EUR 270 million.

Skundric noted that strategic partnerships in the area of energy were established with many world countries such as Russia, China, Italy, Canada and others.

He said that the coming period needs capital investments in energy which should contribute to the overall economic recovery of the country.

Skundric said that Serbia's energy dependence is below average when compared to the EU countries, stressing that Serbia's energy security is primarily based on the production of lignite and hydropower potential.