The government proposes a new law on stocks of oil

The Bulgarian government proposed a new law on stocks of oil and petroleum products to the National Assembly. The law reflects the requirements of Directive 2009/119/EC imposing an obligation on EU member-states to maintain minimum stocks of crude oil and/or petroleum products. The law is aimed at ensuring the supply of liquid fuels in case of hampered supplies or oil supply disruption in Bulgaria or the European Union and/or pursuant a decision of the International Energy Agency at releasing stocks of oil for use. The proposal regulates the procedures that allow the state to provide quickly, efficiently and transparently part of or all stocks of oil in emergency situations. The Council of Ministers has the leading role in carrying out these procedures and it is supported by the Minister of Economy, Energy and Tourism, as well as by the Chairman of the “State Reserve and Wartime Stocks” State Agency.

The project offers two innovations as a result of the Directive. The first one is that two separate categories of strategic stocks of oil and petroleum products are formed: emergency stocks and specific stocks. Emergency stocks will be created by private economic subjects which will be obliged also by the “State Reserve and Wartime Stocks” State Agency. Specific stocks will be created only by the agency based on a decision of the Council of Ministers and upon its judgement.

The other innovation is the introduction of two methods of calculating stock levels. The first one is based on the equivalent in oil of the imports and intra-community arrivals of petroleum products, while the second one is based on the equivalent in oil of their consumption on the territory of the country for the previous calendar year.

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