8 Apr 2019 15:41

Ukraine could start creating crude oil, fuel reserve by late 2019 - State Reserve Agency

KYIV. April 8 (Interfax) - Ukraine could start creating minimum crude oil and fuel stocks by the end of 2019, according to State Reserve Agency head Vadym Mosiychuk.

"Yesterday we received a draft resolution of the Cabinet of Ministers on the approval of the concept of minimum reserves of crude oil and petroleum products, which the Ministry of Economic Development and Trade approved without objections. The next step will be for the competent authorities to approve and submit it to the Cabinet of Ministers. This opens the path for the Verkhovna Rada to adopt the bill on minimum stocks of crude oil and petroleum products as soon as possible and will allow accumulation work to begin as soon as the end of this year, in the best case," Mosiychuk said, according to the State Reserve Agency's press service.

The State Reserve also said that it has begun targeted modernization of oil infrastructure and that after adopting a model for minimum reserves of crude oil and petroleum products, it will negotiate a loan for large-scale modernization with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).