The formation of strategic reserves of petroleum products is of essential importance, especially in light of global uncertainties in that market, announced the Minister of Mining, Oil and Gas and Head of the Ministry of Energy, Admir Šahmanović.
"Close coordination between state institutions and business entities is necessary in order to ensure an efficient and timely response to all challenges in the energy sector," said Šahmanović at a meeting with representatives of the largest importers of petroleum products in Montenegro, the companies Jugopetrol, INA and Petrol.
He praised their commitment to fulfilling their obligations and their willingness to contribute to the stability of Montenegro's energy system.
The Ministry reminded that these companies, together with the state, are obliged to form strategic reserves of petroleum products in accordance with the Law on Mandatory Reserves of Petroleum and Petroleum Products, which was adopted in December. According to instructions issued to importers, the deadline for fulfilling this obligation is 200 days.
The meeting discussed the next steps in implementing this process, which represents a key segment of strengthening energy security and market supply stability.
One of the topics of the meeting was the formation of the Council for Monitoring the Secure Supply of Petroleum Products, which will play an important role in analyzing the market situation and responding promptly to potential challenges. The Council, as explained, will consist of representatives of state authorities and three representatives of oil companies, which will ensure better coordination and continuous dialogue between the public and private sectors.
The Ministry reminded that the three largest importers, the companies Jugopetrol, INA and Petrol, account for 90 percent of the total import of derivatives with the highest consumption on the domestic market, including Eurodiesel, gasoline, jet fuel and liquefied petroleum gas.
The total obligation to form strategic reserves is distributed so that the Hydrocarbons Administration, as a state body, forms 60 percent of the reserves, while the remaining 40 percent is formed by three importers.
The Ministry explained that importers who import less than 15 thousand tons of petroleum products transfer their obligation to form reserves to the Administration.
"The relevant Ministry will continue active dialogue with all relevant stakeholders in order to ensure a secure and stable energy future for Montenegro," it was announced at the meeting.
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