Hetmansev announces the creation of an electronic reporting system for petroleum products

It is noted that this is primarily an obligation for Ukraine to comply with Council Directive 2009/119/EC, and in light of the acceleration of our Euro-integration movement, the issue is becoming increasingly relevant and urgent.

This was reported by Danylo Hetmansev, Head of the Verkhovna Rada Committee of Ukraine on Financial, Taxation and Customs Policy.

To date, discussions continue on the criteria and parameters for forming minimum oil and petroleum product reserves.

• Reserves should cover at least 90 days of average daily net import or 61 days of average daily domestic consumption of oil and petroleum products;
• Market participants (structures that carry out production, import, processing, sale, transportation, and storage of oil and petroleum products) create minimum reserves on their own capacities, store them on the capacities of responsible owners of tanks, and form a bank guarantee for the financial fulfilment of obligations;
• The replacement of minimum reserves takes place after the expiry of 50%, but not more than 70% of the storage / usability period.

"Detailed regulations are set for signs of a crisis situation in the petroleum product market and the algorithm of actions in case of its occurrence, including the opening of minimum reserves. An electronic reporting system is launched, in which all movements in the petroleum product market will be tracked," Hetmansev noted.

Background. Earlier, Mind reported that the Government had banned the import of fuel of unspecified origin.