Ukraine will monitor the quality and volume of oil products, as in Europe
20 December 2024 10:42
The government has approved the Procedure for monitoring the quality, safety and volume of oil products in Ukraine. This was reported by the Ministry of Energy of Ukraine, "Komersant Ukrainian" reports.
This decision, as noted, provides for the extension of European requirements to the oil and oil products market in terms of monitoring the balance (security of supply), quality and safety, and also contributes to Ukraine’s fulfillment of its obligations under the Association Agreement between Ukraine and the European Union.
The Government approved 3 procedures:
1. Monitoring the quality and safety of petroleum products in Ukraine;
2. Monitoring of volumes of oil, oil products and liquefied gas on the oil market;
3. Operation and maintenance of an electronic reporting system.
Accordingly, effective tools are being created to analyze the volumes of revenues and consumption in the oil products market, as well as to monitor their quality and safety.
The implementation of the resolution will ensure the introduction of a transparent and reliable mechanism for monitoring, collection, storage, use and exchange of data on minimum stocks of oil and oil products in Ukraine.
The approval of the Procedure for Monitoring the Quality, Safety and Volumes of Oil Products in Ukraine should be seen as a development of the relevant provisions of the Law “On Minimum Oil and Oil Products Reserves”, which was adopted on November 21, 2023 and will come into force in 12 months, namely on December 24, 2024.
What does the law provide for?
The document defines the legal, organizational and economic framework for the creation and operation of a system of minimum stocks of oil and oil products in Ukraine and regulates relations in this area. The Law aims to increase the level of energy security of Ukraine and ensure continuous supply of oil and oil products to the domestic market of Ukraine in the event of a crisis on the oil and oil products market. The adoption of the Law is Ukraine’s commitment to implement EU regulations.
Key provisions of the Law:
– minimum stocks of oil and oil products are stored in the form of emergency and special stocks that cannot be used for commercial purposes, but are used only to overcome local or global crises;
– the volume of minimum stocks must correspond to at least 90 days of average daily net imports or 61 days of average daily domestic consumption, whichever is greater.
– a control system is envisaged that will track the volume, quality and location of stocks.
The law also provides for the functioning of an integrated system for monitoring the oil products market.
What is the oil products market monitoring system?
This is a set of unified organizational, technical, information and communication, software tools and methods for creating a consolidated balance of supply and consumption of oil and oil products, monitoring volumes on the oil, oil products and liquefied gas markets in Ukraine, monitoring the quality and safety of oil products, monitoring the creation of minimum stocks of oil and oil products.
Accounting and control of the volume of minimum stocks of oil and oil products, monitoring of the volume, quality and safety of oil products will be ensured by an electronic reporting system. It consists of an electronic platform and a database of minimum stocks of oil and oil products.
