Podgorica, (MINA-BUSINESS) – The Government has adopted a decision on the annual plan for the establishment and maintenance of mandatory reserves of petroleum products for this year, as well as the annual plan.

“Mandatory reserves are established gradually, in accordance with the timeline defined by the Action Plan, which the Government adopted on 26 December last year. Article 32 of the Law on Security of Supply of Petroleum Products prescribes the obligation to adopt an Annual Plan that details the quantity of reserves the Administration must establish by the end of the year, as well as the financial resources needed to carry out the procurements,” the Government stated in a press release.

This plan is necessary for coordinated and transparent operations of the Administration in fulfilling legal obligations. 

It outlines projected reserve quantities, necessary funds collected through fees for financing mandatory reserves, an overview of available storage capacities, procurement policy, and other key activities of the Administration.

“Since the law regulating this field was adopted in December last year and the by-laws in February, it was necessary to collect precise data on revenues and needs in order for the plan to be realistic and feasible,” the Government said.