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Brussels, 22 April 2008

Commission launches public consultation on the modernization of the emergency oil stock regime

The consultation launched today will provide stakeholders with the opportunity to submit their views before the Commission develops its proposal for a possible revision of the current legislation[1]. The on-line public consultation is open to all interested parties, who are invited to submit their views by 17 June 2008.

The European Council of March 2007 highlighted the need for reviewing EU oil stocks mechanisms. In this context the public consultation will help the Commission ascertain the views of interested parties on the best way to revise existing legislation in this field. The consultation is based on a document that outlines the key issues that need to be addressed and suggests some possible changes to the current legislation. The related annex with the results of a fact-finding exercise provides additional details on the characteristics and shortcomings of the current system and the objectives to be achieved through a possible revision.

Stakeholders can comment on whether changes in the EU, market developments and future challenges of security of oil supply call for changes to the current rules and on whether the amendments suggested by the Commission are appropriate. Following an evaluation of the submitted reactions, the Commission may come forward with a proposal for a revised directive in the second half of 2008.

The consultation document is available at – link.

Submissions received will also be published on this page.

[1] Including, but not limited to, Council Directive 2006/67/EC of 24 July 2006 imposing an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products, 0J L 217, 8.8.2006, p. 8

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