Upon negotiating accession to the European Union, Romania committed to make minimum reserves of crude and oil products, in stages. A transition period has been set, and it expires on December 31.
The structure in charge with the oil reserves, ANRSPS, failed to fill the stocks in 2009, citing a lack of funds, according to the explanatory note of an emergency ordinance written by the Economy Ministry on the creation of minimum oil reserves in 2011.
Therefore, the Oil Supply Group, an EU structure monitoring oil stocks in member states, notified Bucharest that it is currently in infringement, but procedures will not be launched until the end of the transition period, on December 31, 2011.
As such, Romania has until that date to make a reserve of 1.2 million tons, including 776,000 tons of diesel fuel, 282,000 tons of gasoline, 87,000 tons of fuel oil and 56,000 tons of plane fuel.
ANRSPS will provide 30% of required stocks, while the remaining 70% will come from companies. The quantities delivered by companies will be calculated on their market shares in 2010 and their contribution to the reserves between 2002 and 2009.
Come 2012, the reserves will be made exclusively by oil companies, and the ANRSPS will be relieved of obligation.