Montenegro’s Parliament has approved a new law to regulate the accumulation of emergency oil stockpiles, aligning the country with European Union standards. This legislation marks a significant step in Montenegro’s EU accession process, enabling the country to close Chapter 15 on Energy in its negotiations.
Minister of Mining, Oil and Gas, Admir Sahmanovic, emphasized that the new law guarantees a stable supply of petroleum products in Montenegro and lays the groundwork for a sustainable long-term energy policy, enhancing regional energy security.
The law mandates the establishment and maintenance of oil reserves sufficient to cover three months of domestic and economic demand in the event of supply disruptions. These reserves will consist of 85% diesel and 15% unleaded petrol, reflecting market needs. The goal is to have these mandatory reserves fully established by 2029.
Additionally, the law unlocks 7.5 million euros in direct EU support for modernizing Montenegro’s oil storage facilities, including those in the coastal city of Bar. The funds will be used to upgrade the Bar storage facility, with 1.8 million euros allocated for this purpose, while the remaining funds will go toward purchasing the first batch of oil reserves.
Once the Bar facility upgrade is completed, attention will shift to modernizing the storage site in Bijelo Polje, located in Montenegro’s northern region. Minister Sahmanovic confirmed that the Bijelo Polje upgrade will follow the completion of the Bar facility project, ensuring a comprehensive and robust oil storage infrastructure for the country.
