According to Ando Leppiman, chairman of the board of directors of the Reserve Center, the EVK has complied with the guidelines received from the government to be better prepared for possible crises and interruptions in fuel supply.
“Before the intensification of military activities in Ukraine, Estonia’s national fuel reserves were less than half, or more precisely 48%. At the time, this was a purely economic decision, because storage in Finland and Sweden was much cheaper for the state. The main reason for bringing a larger amount of fuel supplies to Estonia was the change in the security situation. The end of the transit of Russian oil products, as a result of which many tanks in Estonia have been released and storage prices have decreased. We are happy to be able to support domestic fuel terminals with this step by offering them more storage contracts in economically difficult times,” explained Leppiman.
At the beginning of 2024 the EVK will continue to move fuel supplies to Estonia, but in the future a small amount is expected to remain in the Nordic countries as well. Keeping some of the fuel stocks abroad offers more flexibility to react together with other countries in jointly releasing stocks, if the European Union or the International Energy Agency comes up with such an initiative.
The country’s liquid fuel supplies are divided into 90 days for normal consumption, in addition, our oil companies have a significant commercial supply, which as of the last day of November was 29 days of gasoline and 20 days of diesel fuel. According to EVK, the offer of different types of fuels on the Estonian market remains at a good level.
According to Ando Leppiman, the past year has also been significant for the equity center in other sectors.
“In 2023. In 2008 we established a stock of drugs for the state for the first time. In the amount of normal consumption for a month, the stock includes almost a few hundred of the best-selling over-the-counter and prescription drugs in pharmacies, which are stored and renewed by drug wholesalers on the basis of contracts concluded with EVK. With the country’s drug stocks, we increase the security of drug supply and mitigate risks associated with possible long-term supply disruptions. The need for stocks is well illustrated by the recent situation, when in the autumn pharmacies ran out of Sorbisterit, an essential drug for patients with acute and chronic renal failure, and the critical supply disruption was alleviated with the use of stocks,” explained the Chairman of the Board of Directors of EVK.
Eesti Varude Keskus is completing the development of the Pakrineeme liquefied natural gas receiving dock, acquired in spring 2023, into a functioning port. Since the new year, Pakrineeme Port is officially operational and ready to receive LNG floating terminals: from January 1, the port’s regulations and price list will apply and the port operator AS Tallinnas Sadam will provide the necessary port services.
“On behalf of the Estonian Reserve Center, I thank all cooperation partners who maintain the state’s operational reserves or otherwise contribute to increasing security of supply and operational continuity,” said Ando Leppiman.
2023-12-30 14:37:00
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