ANALYSIS-Serbs see energy hub role, risks in Russia deal

By Ivana Sekularac

BELGRADE, Jan 22 (Reuters) - An energy pact putting Serbia's oil and gas sector in the hands of Russian company Gazprom could turn the Balkan state into a regional energy hub but risks making it a hostage of Moscow's interests.

The Belgrade government on Tuesday adopted a draft agreement on energy cooperation with Russia, under which Serbia would be included in the South Stream gas pipeline project to take Russian gas to Europe under the Black Sea.

In return Serbia would sell a majority of state oil monopoly NIS to Gazprom's oil arm, Gazprom Neft.

The pact is to be signed in Moscow on Jan. 25.

"We will start talks on concluding the contract between (Serbia's) Srbijagas and Gazpromexport on constructing a gas pipeline and underground storage facility, and the contract between the government of Serbia and Gazprom Neft on the sale and development of NIS," the government said in a statement.

Belgrade, which gets 90 percent of its gas from Russia, sees the South Stream branch into Serbia as a way to secure cheaper power and faster economic growth. If other Balkan countries join in to access the gas, Serbia would earn transit fees.

"The deal could have a positive impact on the Balkans, representing an additional source of energy for the region," said Aleksandar Dimiskovski, a Macedonia-based energy analyst.

There has been no formal agreement on the pipeline's route after Serbia, but Russians officials have already indicated they want to move into the Serb Republic, the Serb half of Bosnia.