The Verkhovna Rada should consider a draft law on oil reserves – EU

Torsten Vollert, head of the Ukraine’s support group on energy and the environment, says Ukraine should reactivate the work on a draft law to create minimum reserves of oil and petroleum products. Since energy prices are very low now, the country should speed up this legislative process and forward the document to the Verkhovna Rada. It is reported by Economichna Pravda.

“The EU supported the development of a draft law to create national reserves of oil and petroleum products. This draft law, I think, is ready. Once it passed the approval of the Ministry and now, according to my information, it is in the Cabinet of Ministers. It seems to me that now it would be important for the country’s energy security to update this draft law if necessary and submit it to the Verkhovna Rada so that it can quickly consider this important issue while oil prices are low,” he said.

The Association Agreement with the EU provides obligations for Ukraine, according to Directive 2009/119/EU, to form and maintain a minimum stock of oil and petroleum products in case of emergency by 2023. The reserve that Ukraine must provide is equivalent to 90 days of net imports or 61 days of average daily consumption.

Recall, Executive Director of NJSC Naftogaz Yurii Vitrenko said that Ukraine could now taka an addvantage against the backdrop of problems with oil in the world. The country can offer its developed infrastructure for the storage of raw materials.

However, Ukrtransnafta reported that the Ukrainian oil transportation system could not provide oil storage services, since the technical characteristics did not correspond to such capabilities, and this was not provided for at the legislative level.

Tags: The Cabinet of Ministers, Naftogaz, contracts, oil, hydrocarbon production, legislation, EU, The European Commission, Ukrtransnafta, foreign affairs, import, Витренко, The Verkhovna Rada, draft law, Ukraine, price, oil products, oil deliveries, oil pipeline, энергетическая безопасность

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