The timeline for establishing oil reserves will largely be influenced by future fuel prices, according to Admir Šahmanović, the Minister of Mining, Oil and Gas.
Šahmanović revealed that, under the planned schedule and considering market conditions, Montenegro aims to build up its oil reserves to 100,000 tons within the next four to five years. He shared this information during his appearance on the TVCG program Dobro jutro Crna Goro.
The minister also highlighted a significant opportunity for Montenegro: the current administration’s goal to advance the country’s accession to the European Union (EU).
“For my department and myself, our focus will be on fulfilling obligations that extend beyond the European integration process. We will concentrate on finalizing the establishment of oil reserves, developing the regulatory framework, passing the law on the security of oil derivatives supply, and updating the action plan for forming these reserves,” Šahmanović noted.
Regarding the timeline for initiating the oil reserves process, Šahmanović stated that the relevant law has already been sent to the Assembly for urgent consideration.
“Once the law is approved, we will update the action plan and begin the formation of oil reserves. This will involve introducing a special fee of approximately three cents per liter of fuel,” he explained.
Šahmanović also mentioned that the establishment of oil reserves would act as a safeguard against external disruptions in international, regional, or domestic markets. This measure aims to ensure that citizens and businesses can operate smoothly for up to three months during such disruptions.
