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Ukraine need $1 bln for forming oil and fuel stabilization reserves

Ukraine need $1 bln for forming oil and fuel stabilization reserves Ukraine will need funding of more than $1 billion for forming stabilization reserves of oil and fuel as provided in the framework of implementing European directive 2009, representative of the Energy Community Secretariat Adrian Jasimi considers.

"The total amount of funds needed to build oil and petroleum products reserves in Ukraine is about $1.05 billion, or UAH 25 billion," he said at a round table on the creation of petroleum stocks in Ukraine in Kyiv.

According to him, to comply with European directive 2009 the total volume of the stabilization reserve in Ukraine by 2023 should reach 2.002 million tonnes of crude oil equivalent. The volume of storage facilities required for such stocks in the territory of Ukraine is 2.63 million cubic meters.

Read also: Boosting electricity exports from Ukraine to EU is priority - Ukrainian energy minister

At the same time, Head of the State Reserve Agency of Ukraine Vadym Mosiychuk said the agency could provide the storage of about 1 million tonnes of oil products.

"Everything above the figure should be placed in the market or given for storage to other countries," he said.
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