Ukraine could start creating minimum crude oil and fuel stocks by the end of 2019, Head of the State Reserve Agency Vadym Mosiychuk has said.
“Earlier we have received a draft resolution of the Cabinet of Ministers on the approval of the concept of minimum reserves of crude oil and petroleum products approved by the Ministry of Economic Development and Trade. The next step would be to approve by the profile authorities and submit it to the Cabinet of Ministers. This opens the way for the Verkhovna Rada to adopt the bill on minimum stocks of crude oil and petroleum products as soon as possible and will allow, under the best scenario, to begin work on the accumulation already at the end of 2019,” the press service said, quoting the words of the head of department.
The State Reserve also said that they have begun a point modernization of the oil infrastructure, and after adopting the model for minimum reserves of crude oil and petroleum products they will negotiate with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) about a loan for large-scale modernization.
