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Bilateral Agreement between Malta and Italy on the Maintenance of Stocks of Crude Oil and Petroleum Products
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Date:
30/06/2010
The supply of crude oil and petroleum products to the European Union is of utmost importance in providing the Union with supplies of energy. Any disruption in the supply of such products imported from outside the European Union, or a significant increase in their price on international markets could upset the economic activity of the Union. Thus, it is imperative that all Member States within the European Union ensure the availability of oil stocks and safeguard the energy supply. Based on solidarity amongst Member States, Council Directive 2006/67/EC of 24 July 2006 imposes an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products such that the European Union would be in the position of alleviating any harmful effects in such a case.
Oil stocks may be held in any location across the European Union. Due to the excellent relations between Italy and Malta, the Agreement on the Maintenance of Stocks of Crude Oil and Petroleum Products stored in the Territory of the Italian Republic and of the Republic of Malta between the Government of the Italian Republic and the Government of the Republic of Malta was signed today by the Hon. George Pullicino Minister for Resources and Rural Affairs and Sen. Alfredo Mantica, Under Secretary at the Ministry of Foreign Affairs, Italy.
This agreement lays down conditions for the maintenance of stocks with the aim of safeguarding control and availability of these stocks and specifies the arrangements for statistical reporting of such stocks. The State on whose territory the stocks are held under this agreement shall not oppose the transfer of these stocks to the other State for the account of which stocks are held under the same agreement, but it shall monitor and inspect such stocks in accordance with the procedures specified in this agreement. Moreover, this agreement is in force for an unlimited time period and, although, a provision is made for unilateral termination, this shall not apply without prior notice to the Commission or during a period of supply crisis. |
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