The law covers issues related to the prevention and management of major disruptions in the supply of petroleum products; the establishment and maintenance of emergency reserves; the management, replenishment, restoration, accounting, and release of reserves; and their inspection, monitoring, and supervision, including the conduct of audits and the imposition of financial sanctions, etc.
In accordance with the provisions of the new law, for the purposes of establishing, managing, and replenishing a portion of the emergency reserves, the Government will establish or designate a central storage facility (ECS)—a legal entity under public law, autonomous, operating on a non-profit basis, and not receiving appropriations from the state budget.
According to the document, the parties responsible for maintaining the reserves are the ECS and the designated importer, who is responsible for establishing and maintaining emergency reserves.
The ECS will be authorized to procure, maintain, sell, renew, and replenish emergency reserves, including specific reserves, to prevent and manage major disruptions in the supply of petroleum products. Its activities will be financed by emergency stock contributions and other sources.
It is provided that emergency stocks may consist of any combination of one or more of the following products: unleaded gasoline, diesel fuel, and kerosene, provided that the combined share of the selected products is at least 75% of domestic consumption.
The law provides for the possibility of establishing reserves in intangible form, which will be based on contracts granting the right, but not the obligation, to purchase petroleum products in accordance with predetermined criteria within a predetermined time frame.
Contribution to Emergency Reserves
Under the new law, the emergency reserves contribution is intended to cover reasonable expenses incurred by the central storage enterprise in establishing, maintaining, managing, renewing, and replenishing reserves, as well as in fulfilling its obligations. It is a payment intended to finance the creation and maintenance of reserves, which includes a contribution to the central enterprise and compensation to obligated importers.
It has been established that, until the amount of the emergency reserve contribution is determined, the contribution, excluding VAT, will be: 0.48 lei/liter for gasoline, kerosene, and diesel fuel; 0.48 lei/kg for fuel oil and liquefied petroleum gas. Until the amount of the emergency reserve contribution is determined, the contribution will be allocated as follows: 70% will be transferred to the ECS; 30% will be retained by obligated importers, provided they actually establish and maintain emergency reserves in the quantities specified for them.
However, the new document does not specify where exactly in Moldova (or abroad) the reserves of petroleum products and natural gas will be stored.
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