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IPFS News Link • Energy

Black gold for a black day


Russian authorities are considering creating a reserve stock of Russia’s main natural resource – oil. They say it would provide a more flexible oil export policy as well as affect domestic prices.

The Russian Ministry of Energy plans to adapt disused salt mines to store 15 million tonnes of oil, the equivalent of 2-3 days production. The project was prepared by Moscow Institute for Energy and Finance, it has been chosen by Ministry of Energy among other applicants.

“Construction of above ground facilities is very expensive. We plan keeping oil in salt mines”, Vladimir Revenkov from the Moscow Institute for Energy and Finance told Izvestiya Daily. “Logically, the oil reserve fund requires special legislative regulation, other than Rosreserv and commercial stocks”, he added.