site.btaBulgarian Companies May Hold Part of Their Oil Stocks in Romania

Bulgarian companies are now allowed to hold in Romania part of the crude oil and oil products stocks prescribed to them by law, the State Reserve and Wartime Stocks State Agency (SRWSSA) said on Monday. This became possible after SRWSSA discussed the matter with Romania's Energy Ministry at a meeting.

The Crude Oil and Petroleum Products Stocks Act allows obligated persons to hold up to 50% of the stocks prescribed to them in tank capacities of other EU member states, provided their physical availability and accessibility has been taken into account.

The meeting agreed on the terms of holding such stocks in Romania close to the border with Bulgaria, making it possible for the products to be transported to Bulgaria very quickly if necessary.

SRWSSA said it has achieved significant progress in promoting partnership between Bulgarian and Romanian institutions. This is important for ensuring stability, efficiency and rapid reaction in case of emergency.

In April and May, SRWSSA conducted 287 checks of compliance with the Crude Oil and Petroleum Products Stocks Act. The checks targeted companies which had carried out import and/or intra-Community arrival of oil products as well as oil stock holders owning storage facilities registered under Article 38 of this Act. The authorities drew up four written statements of violations of administrative regulations.