European Commission advises Ukraine to create 90-day reserve of oil

The European Commission recommends Ukraine to create a minimal or strategic 90-day reserve of oil and an independent state agency for managing the reserve, Faouzi Bensarsa, Counsellor for Energy, External Relations DG, European Commission, said, Cabinet's press office reported.

According to him, the issue was vetted at a meeting with Ukrainian officials. "We have discussed a program of creating the reserve of oil, which would be enough for 90 days, which is compliant with EU demands," the European Commission representative said.

As he believes, the independent state agency to manage the reserve should be established under the Fuel and Energy Ministry. The European Commission countries run several models of oil stock administration. For six months the European Commission has been studied these models for determining the most appropriate one for Ukraine, Mr Bensarsa summed up.