According to the press release from the European Commission (EC), it has formally requested Romania to ensure the correct implementation and application of the Oil Stocks Directive.
According to this Directive, all EU member states are obliged to maintain minimum stocks of crude oil and/or petroleum products, which must be available at all times and thus ensures the security of supply of petroleum products in the EU. The press release said that the current Romanian legislation prohibits the use of oil stocks as collaterals, which could make it more difficult for commercial operators to fulfill their obligations to hold stocks. Romania has also incorrectly implemented the rules regarding the right of commercial operators to delegate their obligation to hold stocks and the establishment of the emergency procedures in the event of a major supply disruption.
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Tags: EC, emergency, EU, legislation, oil, oil stock, oil stocks directive, Romania