Security of energy supply in the country/ MEI: Draft law on strategic oil reserves. Special management authority!
The Ministry of Infrastructure and Energy has issued for public consultation the draft law on the creation, maintenance and management of minimum security reserves of crude oil and its by-products, a key measure to guarantee the security of energy supply in the country.
The draft law stipulates the creation of a special authority responsible for managing reserves, which will be used in the event of a sudden reduction or lack of supply in the market.
"The Security Reserve Authority (ARS) is the structure responsible for the creation, maintenance and use of security reserves. ARS is a public entity, which is authorized to purchase, sell, store and manage the use of the security reserve of crude oil and its by-products for the purposes of this law for the Republic of Albania or by delegation," the draft law states.
The minimum quantity of reserves will be at least 90 days of average daily net imports or 61 days of domestic consumption, whichever is greater.
The financing of the security reserves system will be realized through tariffs on hydrocarbon products, revenues from the sale of reserves, authority services and other legal sources.
The draft transposes Directive 2009/119/EC of the European Parliament and of the Council into Albanian legislation, in cooperation with experts from the Energy Community. The Security Reserves Authority will have powers for the purchase, storage and use of oil reserves and its by-products, including the possibility of delegating management to European Union countries.
It also provides for a fee to be paid for the reserves. The collection of this fee is made by the Customs Authority during the collection of customs duty on excise goods.
The draft law provides for fines of 2 million lek to 10 million lek against operators for violations related to the use of mandatory reserves without authorization, when they use mandatory reserves as a guarantee, collateral, or means of insurance for third parties, as well as when the reserves do not meet quality standards, or when the measures of the National Response Plan are not implemented.
In case of repeated violations, the legal entity may be banned from exercising the activity or profession for up to 1 year. The draft law aims to harmonize the domestic legal framework with European standards and create an efficient system for protecting the country's supply of oil and its strategic products.
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