TIRANA, Oct 7 /ATA/ The Ministry of Infrastructure and Energy has released for public consultation a draft law concerning the establishment, maintenance, and management of minimum security reserves of crude oil and its derivatives — an essential measure to safeguard the country’s energy supply.
According to the draft, a dedicated authority will be set up to oversee the management of these reserves, which would be activated in the event of an unexpected reduction or disruption in market supply.
“The Security Reserve Authority (SRA) is designated as the body responsible for creating, maintaining, and using the security reserves. As a public entity, the SRA is authorized to purchase, sell, store, and oversee the management of crude oil and its derivatives held as security reserves, either on behalf of the Republic of Albania or under delegation,” the draft law states.
The minimum quantity of reserves will be equivalent to at least 90 days of average daily net imports or 61 days of domestic consumption, whichever is greater.
The financing of the security reserve system will be raised through fees on hydrocarbon products, revenues from the sale of reserves, services offered by the authority, and other lawful sources.
The draft transposes into Albanian legislation Directive 2009/119/EC of the European Parliament and Council, in cooperation with experts from the Energy Community. The Security Reserve Authority will have the authority to purchase, store, and utilize reserves of crude oil and its derivatives, including the option to delegate their management to entities within European Union member states.
The draft law introduces a fee to be paid for the reserves, which will be collected by the Customs Authority during the collection of excise duties on goods.
It also provides for fines ranging from 2 million to 10 million lek for operators who violate regulations related to the unauthorized use of mandatory reserves, the use of such reserves as guarantees, collateral, or security for third parties, as well as for cases where the reserves fail to meet quality standards or the measures of the National Response Plan are not implemented.
In cases of repeated violations, a legal entity may be prohibited from carrying out its activity or profession for up to one year.
The draft law aims to align the national legal framework with European standards and to establish an efficient system to protect the country’s supply of oil and its strategic products. /j.p/r.e/sm/
