Minister Szijjártó said the capacity of the new pipeline would be around 4.5m tonnes per year, allowing the Pancevo refinery and Serbia to be supplied entirely from Hungary.
Minister Szijjártó said that energy crises are quite common nowadays and often caused by "political hysteria".
The energy security of the countries, as well as the region, were the most important topics at the talks.
Minister Szijjártó said both countries aimed to ensure a secure energy supply at competitive prices, while Hungary wanted to maintain its regulated household utilities price scheme.
The foreign minister said energy crises in recent years, often the product of politics, show that countries that lack mineral and energy resources need to work closely together to ensure their energy security.
Thanks to developments in recent years more and more of Hungary's energy supplies have come through Serbia.
Minister Szalay-Bobrovniczky told Hungary's public media that Serbia and Hungary were strategic partners and Serbia's stability was important for Hungary.
Fourteen people died and around thirty were injured when a section of the railway station entrance collapsed.
The agreement was signed by state secretary for tax affairs Norbert Izer and József Kerekes, state secretary at Serbia's Finance Ministry.
Péter Szijjártó, Minister of Foreign Affairs and Trade, said cooperation between the two countries had benefitted both in terms of ensuring energy supply.
Minister Szijjártó said friendship and mutual respect were “invaluable” in light of the heightened tensions in the region.
The foreign minister said excellent ties benefited both countries, especially the Hungarian minority in Vojvodina, which could continue to count on the support of the Hungarian government.
The two leaders praised the excellent political and economic relations between Hungary and Serbia and recently implemented joint development projects.