EU supports Ukraine in implementing oil reserves regulation reform

On November 5, the EU4Energy governance initiative completed a technical assistance project aimed at supporting Ukraine in the implementation of Directive 2009/119/EC on oil reserves, the EU Delegation to Ukraine said.

“The creation of reserve stocks will significantly enhance operations in the domestic oil market and the security of its supply,” the statement says.

So, since June 2020, representatives of the Verkhovna Rada, the State Reserve Agency, and the Ministry of Energy and Environmental Protection have worked closely with the Secretariat of the Energy Community on the development of secondary legislation necessary to implement the reform of oil reserves.

“The EU4Energy Initiative implements all EU support to improve energy supply, security and communications, as well as promoting energy efficiency and renewable energy sources in the Eastern EU partner countries Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine. The initiative funds projects and programs that help reform energy markets and reduce national energy dependence and energy consumption. In the long term, such activities will contribute to a more reliable, transparent and affordable energy supply. This, in turn, reduces the level of energy poverty, as well as electricity tariffs for both citizens and the private sector,” the Representative said.