Energy Ministry Unveils Legislation For Fuel Eeserves Agency
Monday, 01 September 2014
The environment, energy and climate change ministry on Friday unveiled legislation for a period of public consultation that founds an agency responsible for maintaining emergency fuel reserves in Greece, in line with EU directives for a security fuel reserve capable of covering domestic demand for at least 90 days in periods when supply is seriously disrupted.
The legislation, consisting of a presidential decree and modifications to existing laws, creates a societe anonyme company called "Hellenic Central Agency for Maintaining Reserves
Anonymous Company" that will be responsible for buying, storing and selling crude oil and other fuel reserves.
The obligation to maintain fuel reserves lies with importers of crude oil and related products, as well as large-scale consumers that import fuels for own consumption. This obligation can be transferred to the new agency for a fee that will be levied when the products pass through customs, while the transfer can be made obligatory at a price to be set by the public sector.
The agency, in accordance with already existing laws, can also transfer its reserve management obligations to an equivalent agency or company in another EU member-state.