Montenegro is expected to receive its first oil reserves in the first half of next year, with an investment of €7.5 million, according to the Ministry of Mining, Oil and Gas. While the reserves won’t directly influence prices, they will enhance supply security during market disruptions, similar to those experienced in recent crises.
After a decade of waiting, Montenegro is on the verge of enacting a law for the formation of oil reserves.
Zorana Sekulić from the Ministry stated that the law is currently in parliamentary procedure.
“We genuinely expect its adoption by the end of this month. It is essential for the law to pass so we can initiate the process of forming reserves,” Sekulić said.
Once approved, the next critical steps will involve adapting storage tanks and procuring the initial quantities of oil derivatives.
Funding for this initiative will not come from the state budget; instead, it has been secured through an EU support package aimed at helping Western Balkan countries tackle the energy crisis.
Sekulić noted that a tender announcement is anticipated soon, enabling the reconstruction process to commence following the selection of a contractor and oversight. The purchase of the first reserves could be completed in the first half of next year.
