Serbia requires EUR 700 million to form oil reserves - Mihajlovic announces construction of new storage facilities

Serbia has to establish mandatory reserves of oil and oil derivatives by 2023 at the latest. It is estimated that about EUR 700 million are required to form these reserves.

Energy Minister Zorana Mihajlovic said Tueday in the Serbian parliament, where MP's were talking about the new Law on Commodity Reserves, that Serbia was obligated to form oil reserves by 31 December 2022 at the latest.

According to her, the Commodity Reserves Directorate has at its disposal about 180,000 cubic meters of storage space for oil and other fuels, whereas the Transnafta public company has additional 130,000 cubic meters of storage space.

- However, that is not enough - Mihajlovic said and added that the country was likely to build new storage facilities.

Serbia assumed these obligations by ratifying the Agreement on the establishment of energy community.