20:37 15.05.2023

Ukraine wants to form minimum stock of oil, oil products based on 3% shares of market participants from sale volumes – bill

2 min read
Ukraine wants to form minimum stock of oil, oil products based on 3% shares of market participants from sale volumes – bill

The Verkhovna Rada Committee on Energy, Housing and Communal Services considered draft law No. 9024 on the formation of minimum reserves of oil and petroleum products in Ukraine, which will be formed through the annual cumulative transfer of 3% shares of the fuel offered on the market by its participants.

Deputy Minister of Energy Mykola Kolesnyk said during the presentation of the document at a meeting of the energy committee on Monday, the document provides for the formation of the minimum oil products reserves in the amount of 61-day average daily domestic consumption in the country.

"We have determined that the initial step is 3% of a certain base - 61 days of consumption ... This is the volume that today is already largely formed by market participants, that is, we will not create any burden for participants," he noted.

At the same time, according to Kolesnyk, the draft law provides for the establishment of minimum shares in the oil reserves for market participants in the amount of 2,000 tonnes of oil or oil products for importers and 50,000 tonnes for producers.

In accordance with the document, participants can replenish the reserves with the type of product that they operate on the market: oil, gasoline, diesel fuel or liquefied gas.

The reserve structure provides for its formation in the ratio of 30% of oil and 70% of oil products. In turn, 70% of the structure of the stock of oil products themselves should be diesel fuel, and 30% - gasoline and liquefied gas, subject to the possible replacement of liquefied gas with a gasoline equivalent.

Kolesnyk explained the bill contains transitional norms providing for the possibility of storing the minimum oil stocks not only at oil depots, but also at gas stations. It is also allowed to store no more than 50% of oil reserves abroad: in EU countries neighboring Ukraine and in other Energy Community member countries that have introduced a minimum stock storage system.

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