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Minimum stocks of crude oil and petroleum products for 2017 have been set at 1.31 million toe

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 The minimum stocks of crude oil and petroleum products for 2017 have been set at 1.31 million tonnes of oil equivalent (toe), according to a draft government decision put up for public discussion by the Energy Ministry. 

Under the draft, posted last June on the website of the Energy Ministry, the minimum stocks of crude oil and petroleum products for 2016 had been set at 1.238 million toe. 

"The Ministry of Energy submits annually for approval to the Government the level of emergency stocks, the structure, breakdown and nomination of business operators releasing to the market more than 1,000 toe crude oil / petroleum products per year (...). Under this draft, minimum stocks of oil and / or petroleum products, exclusively as emergency stocks in 2017 are set to be 1,314,391 toe," the Government says in its draft. 

At the same time, according to an annex, the business operators who are obliged to set up these emergency stocks are: OMV Petrom - 504,058 toe; Rompetrol Rafinare - 389,607 toe; Petrotel Lukoil - 208,934 toe; SC Oscar Down Stream - 115,569 toe; MOL Romania Petroleum Products - 87,318 toe; Rompetrol Downstream - 6,113 toe; Socar Petroleum -1,019 toe; Air BP Sales Romania - 1,174 toe and ETC Oil Trade - 601 toe. 

Of the quantity stored by each company, at least one-third must be petroleum products and two thirds crude oil. The business operators will be funding the emergency stocks from their own sources, according to the draft. 

In the process of joining the European Union, negotiating Chapter 14 "Energy", Romania committed itself to set minimum stocks of oil / petroleum products and to implement nationally, in a unitary and effective manner, the relevant provisions of the European Union legislation in the field. 

At present, the establishment and maintenance of minimum reserves of crude oil and / or petroleum products is regulated under Law 360/2013 on the establishment and maintenance of a minimum level of reserves of crude oil and petroleum products. 

Law 360/2013 was adopted for the purpose of transposing, at national level, the provisions in Council Directive 2009/119/EC of 14 September 2009 imposing an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products. 

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