"Market Operator" will administer oil reporting electrical systems
The electronic system should create a transparent mechanism for monitoring the formation, storage, use and exchange of data on strategic reserves of oil and petroleum products in Ukraine
The Ministry of Energy of Ukraine, by Order No. 41 dated January 29, 2025, in accordance with the Law of Ukraine "On Minimum Stocks of Oil and Petroleum Products", designated JSC "Market Operator" as responsible for administering the electronic reporting system for minimum stocks of oil and petroleum products.
This is stated on the "Market Operator" website.
"Ukraine is integrating into the European energy space, and the implementation of an electronic reporting system is one of the key steps to ensure transparency and compliance with EU best practices," the report emphasizes. Similar systems are successfully operating in EU countries - Germany, France, Poland, and the Czech Republic.
The electronic reporting system helps to ensure:
- operational control over the level of minimum reserves;
- rapid response to possible risks of shortage of petroleum products;
- harmonization with European requirements for security of energy supply.
It is noted that the "Market Operator" has significant experience in managing large data sets in the energy sector and has the necessary competencies to administer the system. At the first stage, consultations will be held with market participants to take into account their needs and ensure a smooth transition to the new reporting model.
The development and implementation of the system will take place in several stages:
- formation of the regulatory framework for its functioning;
- determination of data submission formats and mechanisms for interaction with business;
- testing of the platform with the involvement of key market participants.
"We are focused on creating an effective mechanism that will ensure market stability and compliance with European standards," emphasized Oleksandr Gavva, General Director of JSC "Market Operator".
The company emphasizes that the "Market Operator" is open to cooperation with market participants, experts, and international partners to create a transparent, effective, and modern minimum inventory management system.
As reported by "Ukrainian Energy", the government has approved procedures for monitoring the quality and volume of petroleum products on the market. The documents should contribute to the creation of effective mechanisms for researching the petroleum products market and ensuring an appropriate level of their quality and safety.
In November 2023, the Verkhovna Rada adopted the Law on Minimum Oil and Fuel Reserves. The Law defines the legal, organizational and economic principles for the creation and operation of a system of minimum oil and petroleum products reserves in Ukraine and regulates relations in this area. The purpose of the Law is to increase the level of energy security of Ukraine and ensure uninterrupted supply of oil and petroleum products to the domestic market of Ukraine in the event of a crisis situation on the oil and petroleum products market.
