The Government of Serbia considers that the agreement with Russia for South Stream will be ratified in mid-July, said Serbian Minister of Trade and Services Predrag Bubalo.

We expect the Parliament to ratify the agreement in mid-July, said Bubalo. Asked whether the Russian side is ready to decrease export duties on oil supplies to Serbia if the last ratifies the agreement, Bubalo said that Serbia actually proposed such a thing, but then it was not a subject of discussion.

"We'll talk about it after the ratification of the agreement", Serbian Prime Minister explained.

Russia and Serbia signed an agreement for cooperation in oil and gas sector on January 25. The contract was ratified by Moscow but the ratification procedure on behalf of Belgrade was delayed because of the pro-term parliamentary elections in Serbia.

The Agreement provides for "Gazprom" to build on the territory of Serbia 400 kilometers stretch of Nabucco "South Stream" with capacity of over 10 billion cubic meters of gas annually, and will also the construction of the underground gas depositor "Banatski dvor" will be completed and the controlling 51 % of the shares of "Neftena industria of Serbia" NIS to be purchased for 400 million dollars without auction.