Moldova plans to introduce the obligation to store petroleum products by 2030. A draft law in this regard was presented by the State Secretary of the Ministry of Energy, Constantin Boroshan, during a regional oil crisis simulation organized in Paris by the International Energy Agency. Energy (AIE).
It is assumed that the reserve will correspond to a volume equivalent to 90 days of average daily net imports.
The storage of petroleum products will be managed according to a mixed model: 50% of storage obligations will be transferred to a government agency subordinate to the Ministry of Energy and 50% to importers. Up to 60% of reserves of petroleum products will be stored in Moldova and the rest in the importing country.
According to the Ministry of Energy, petroleum products remain the main source of energy in the Republic of Moldova, with annual consumption of 1,130,000 tons. According to the country’s Energy Balance, petroleum products represent the largest proportion of gross final energy consumption with 43%, followed by natural gas with 22%, biofuels and firewood with 21% and electricity with 12%.
“The model showed how vulnerable Moldova is to potential disruptions in the supply of petroleum products, given that commercial stocks typically provide up to 20 days of domestic consumption. For example, in May 2022, due to logistical problems associated with the Russian invasion of Ukraine, commercial supplies of diesel fuel and gasoline were only enough for three days of current consumption.” – Borosan pointed out.
The IEA was created to promote energy security, including through a system of collective intervention to mitigate the impact of shortages of petroleum products on the world market by increasing supply or reducing demand. Each IEA member country must also maintain reserves of petroleum products equivalent to at least 90 days of net oil imports and be prepared to respond collectively to major supply disruptions affecting the global oil market.
The Republic of Moldova was invited for the first time to participate in modeling a possible regional oil crisis, although it is not a member of the International Energy Agency. In March 2024, the Ministry of Energy of the Republic of Moldova signed a memorandum of cooperation with the IEA.
