Ministry studies proposal to build strategic oil reservoirs

MOSCOW, May 18 (PRIME) -- The Energy Ministry is studying a proposal of the Russian Gas Society to create a network of strategic oil reservoirs to store at least 10% of the country’s annual oil output, a spokesperson for the ministry told PRIME late on May 15.

“The issue is under consideration,” the spokesperson said.

Pavel Zavalny, the society’s president and head of the energy committee of parliament’s lower chamber State Duma, said previously that he had sent a letter to Deputy Energy Minister Pavel Sorokin. The reservoirs would not only ensure energy security, but would become an efficient business that would be able to cushion the negative impact of oil output reduction and preservation of wells. They will raise flexibility of the Russian oil industry.

End %%md/jst%%