Global energy demand is rising with declining fossil resources. In such circumstances, energy security has to be the number one priority of any national or regional policy. It is believed that gas will play a critical role in the transformation of the current energy system toward the sustainable one. Unlike most European countries, energy import dependence of Serbia is not very large and is about 33%. This dependence is especially pronounced in the oil and petroleum products sector (70%) and gas sector (86%). The problem of high dependency on imported gas can be overcome in two ways: by diversifying sources of energy supply and creating of mechanisms which would withstand unexpected supply disruptions (i.e. adequate strategic reserves). The South Stream pipeline is the first measure while new domestic regulation has to ensure the implementation of the second measure. The subject of analysis in our paper will be the South Stream project. In the Draft of the Reindustrialization Strategy of Serbia, the first place on the list of priority sectors with comparative advantages belongs to the energy sector. Having in mind that fact, the aim of this paper is to highlight the potential contribution of the South Stream, not only to the energy stability of Serbia, but also from a broader perspective, to the growth and development of the national economy, all within a new energy policy.