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Czech Republic Will Increase Oil Reserves

July 2, 2008

Sprava statnich hmotnych rezerv (SSHR), involved in the control of state material reserves, plans to increase oil reserves to 120 days shortly compared to the current 90 days. The growth of reserves should be ensured by oil importers and exporters. Oil consumption is nearly 19,000 t per day. The main reason for the growth of oil capacities is an effort to ensure the operation of the economy in a time of an unexpected crisis. The state controls oil reserves in the Czech Republic. SSHR buys oil solely from Russia. This oil is the cheapest and its freezing point is -25 degrees of Celsius.

(c) 2008 Access Czech Republic Business Bulletin. Provided by ProQuest Information and Learning. All rights Reserved.




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