REUTERS
The European Energy Community has approved a model for the formation of minimum reserves of oil and petroleum products, which will be necessary to reduce the risks of a deficit in the motor fuel market of Ukraine, the press service of the State Reserve Agency has reported.
"On November 27, head of the State Reserve Agency Vadym Mosiychuk presented a model for the formation and financing of the minimum oil reserves in Ukraine in accordance with Directive 2009/119/EU at the Ninth Energy Forum of the Energy Community in Belgrade, Serbia. The selected stock model was supported by members of the European Energy Community," the agency said, adding that the next step would be the submission of draft model application for consideration and approval by the Cabinet of Ministers of Ukraine.
As UNIAN reported, in September 2017, the State Reserve Agency presented one of the first models for the creation of oil and petroleum products reserve, planning to accumulate some 2 million tonnes.
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According to Mosiychuk, reserves will consist of 30% crude oil and 70% petroleum products, of which 28% shall be gasoline and 72% - diesel fuel. The source of financing these reserves may be an additional excise tax on petroleum products, assistance from international financial organizations, or funds from the state budget.