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Ukraine to create oil product stockpile soon

      RBC, 28.11.2006, Moscow 19:58:05.The stabilization refined oil product stockpile with a capacity of 200,000 tonnes will be created in Ukraine between December 2006 and late January 2007, Ukrainian Fuel and Energy Minister Yury Boyko told journalists in Kiev today. The project will be financed by state-owned oil pipeline operator Ukrtransneft.

      Boyko believes that 200,000 tonnes of light refined oil products is sufficient to carry out a commodity intervention during a period of 5-10 days, which will help postpone seasonal speculation.

      A second stage of the project envisages the establishment of an agency for keeping a minimum stockpile of refined oil products. A reserve will be created based on the experience of Germany and Hungary, where the stockpile is formed by market participants. Regulatory provisions for using this model are already being drafted in Ukraine. Boyko believes that by 2017 Ukraine will be able to create a minimal stockpile of oil products and crude oil that would last 90 days, as required by European standards.

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