Establishing a Strategic Oil and Oil Products Reserve

For the purpose of strengthening energy security, providing the country's economy with energy, preventing the occurrence of emergency situations on the oil products market, it is necessary that a strategic oil and oil products reserve be established. Having regard to Ukraine's prospects of acceding the European Union, the oil and oil products reserve will be established in accordance with EU requirements, i.e. the equivalent for 90-day consumption. On the basis of analysis of the structure and operating efficiency of the existing oil and oil products reserve-forming systems, it is necessary that a strategic oil and oil products reserve formation program should be developed based on Ukraine's specific needs in order to provide its economy with oil products under emergency conditions.

The program will provide for implementation of measures aimed at establishing an infrastructure, legal and financial instruments, maintaining and replenishing of such reserve. Based on the experience of EU countries, oil and oil products reserve should be established within 8-10 years.