Energy, Legislation, Lithuania, Oil, Transport

International Internet Magazine. Baltic States news & analytics Saturday, 17.04.2021, 05:47

Lithuania approves use of oil stocks during international crises

BC, Vilnius, 13.05.2020.Print version
As Lithuania expects to join the International Energy Agency (IEA) in 2021, the government on Wednesday approved legislative amendments authorizing it to make decisions on oil stocks, informs LETA/BNS.

Energy Minister Zygimantas Vaiciunas says the amendments are necessary for the country to meet the agency's criteria.


"Basically, the legislation provides for measures and actions to ensure that the IEA's decisions are implemented in response to global oil supply disruptions," he told the Cabinet. 


According to the Energy Ministry, Lithuania's existing legislation does not provide for the country's participation in a coordinated international release of oil stocks by IEA member states. 

 

"In the IEA history (since 1974), such a mechanism has been used in practice three times, the last time being the 2011 Libyan crisis," the ministry told BNS. 


Lithuania launched the IEA accession procedure last June and expects to become a member of the agency in the second half of next year. 






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