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October 31, 2020
BUSINESS

Romania’s strategic petroleum reserve to total 1.2 million toe

Romania’s strategy petroleum reserve should total a minimum of 1,205,506 tons of oil equivalent (toe) in 2015, a level that will be maintained next year too, according to a draft government decision published on the Energy Ministry’s website.

This reserve has to be set up by 8 companies: OMV Petrom (506,712 toe), Rompetrol Rafinare (344,114 toe), Petrotel Lukoil (189,708 toe), Oscar Down Stream (73,044 toe), Mol Romania Petroleum Products (83,374 toe), Socar Petroleum (2,256 toe), Mayaro Carb (3,744 toe) and Air BP Sales Romania (1,554 toe).

“The financing of emergency stocks set up by companies will come from their own sources, in line with Article 6, Paragraph 6 of Law 360/2013. The level of the strategic petroleum reserve – while maintaining the minimum share of one third petroleum products – will be expressed in tons of oil equivalent (toe),” the draft reads.

The mandatory storage quotas are allocated “without discrimination” to all companies that bring into the market quantities higher than 1,000 tons of oil or petroleum products.

Romania has taken the commitment to set up a strategic petroleum reserve and to implement at national level, in a unitary and efficient manner, the relevant stipulations of EU legislation in this domain.

The 2009/119/EC directive concerning the member states’ obligation to maintain a minimum reserve of oil and/or petroleum products was implemented by Law 360/2013 on the setting up of a strategic petroleum reserve.

 

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