BELGRADE, September 9, 2008 (AFP) - Serbia's parliament ratified an accord with Russia on investment in the Balkan country's oil and gas industry, by a vast majority on Tuesday.

The deal clears the way for Russian gas giant Gazprom to build a pipeline in southern Serbia and an underground gas storage facility in northern Vojvodina province, and to buy the Serbian oil monopoly NIS.

Out of 238 deputies present at the televised session, 212 MPs voted for the accord, 22 were against it and four abstained from the vote.

The accord, signed in January in Moscow, was widely seen as increasing Russia's energy presence in the region and confirming the two countries' political links.

Gazprom offered to pay 400 million euros for 51 percent of NIS and to invest 500 million euros in the company.