Close coordination between state institutions and economic entities is essential to ensure an efficient and timely response to challenges in the energy sector, said Admir Šahmanović, Minister of Mining, Oil and Gas and acting head of the Ministry of Energy.
Šahmanović held a meeting with representatives of Montenegro’s largest fuel importers—Jugopetrol, INA and Petrol.
“These companies, along with the state, are obligated to establish strategic reserves of petroleum products in accordance with the Law on Mandatory Reserves of Oil and Petroleum Products, adopted in December last year. Importers have been given a deadline of 200 days to fulfill this obligation,” the ministry stated.
The meeting focused on the next steps in implementing this process, which is crucial for strengthening energy security and ensuring a stable supply to the market.
Šahmanović emphasized the importance of forming mandatory reserves, especially in light of global uncertainties in the oil and fuel markets. He also commended Jugopetrol, INA, and Petrol for their commitment to fulfilling their obligations and contributing to Montenegro’s energy stability.
Another key topic was the establishment of a Council for Monitoring the Secure Supply of Petroleum Products, which will play a vital role in market analysis and responding to potential challenges.
The council will consist of government representatives and three representatives from the oil companies, ensuring better coordination and ongoing dialogue between the public and private sectors.
The ministry noted that the three largest importers—Jugopetrol, INA, and Petrol—account for 90% of Montenegro’s total fuel imports, including diesel, gasoline, aviation fuel, and liquefied petroleum gas (LPG). The obligation to form strategic reserves is divided so that the Hydrocarbon Administration, as a state body, establishes 60% of the reserves, while the remaining 40% is formed by the three importers.
Importers handling less than 15,000 tons of petroleum products transfer their reserve obligations to the Hydrocarbon Administration.
“The ministry will continue active dialogue with all relevant stakeholders to ensure a secure and stable energy future for Montenegro,” the meeting concluded.
