Photo: Ukrtransnafta Ukrtransnafta creates a reserve, taking advantage of low prices
Ukraine in the framework of the obligations of the Association with the EU should establish a minimum stock of oil for at least 2 million tonnes. Ukrtransnafta uses the period of price collapse for the formation of the reserve.
The company Ukrtransnafta took advantage of a record decline in oil prices and the beginning of the purchase to replenish its own reserves. The first tanker Free Spirit with about 80-90 thousand tons of oil variety Azeri Light on the evening of 21 April, will arrive at the marine oil terminal Pivdennyi, the company said.
The ship Free Spirit, according to the portal MarineTraffic, was loaded in the Turkish port Keyhan April 13.
According enkorr, this week in Pivdenny expected to arrive for another tanker to Ukrtransnafta.
It is noted that the decision to begin the purchase of oil due to record decline in world prices. Because of falling demand in a pandemic coronavirus, the price of oil in March fell to the lowest in 20 years.
Ukrtransnafta owns 11 reservoir parks with a total capacity of 1,083 million cubic meters.
Until the end of 2022 Ukraine in the framework of the obligations of the Association with the EU should establish a minimum stock of oil and petroleum products equivalent to at least 2 million tons of crude oil. 30% will be directly from crude oil and 70% of petroleum products. The process of creating such a reserve is still in the development stage of the draft law.
The trunk pipeline system of Ukrtransnafta has a total length of 4,767 thousand km and passes through the territory of 19 regions of Ukraine. System throughput input 114 million tons/year, the output of 56.3 million tons/year. Ukrtransnafta owns 11 reservoir parks with a total capacity of 1,083 million cubic meters the Volume of oil transportation in 2018, made up of 15.43 million tonnes (-3.7 percent by 2017).
For the first time in history. As the price of oil has fallen below zero
On the eve of the may futures for WTI crude oil, trades which expire today, fell by almost 300%, falling to minus $37,63 per barrel.
Analysts have warned that if the situation with the storage of oil will deteriorate more quickly in the world, the price of Brent will follow down for WTI. From the start of trading on 21 April Brent has already lost 25% and continues to decrease.
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