Karakaci: We Are Creating a National Hydrocarbon Security Authority

Minister of Infrastructure and Energy Enea Karakaci said after the government meeting that a new draft law has been proposed on maintaining hydrocarbon security reserves. According to the minister, the bill would place the security reserves under the ownership and management of a state authority, ensuring supply security and their use in the cases provided for by law.

“We propose that the maintenance of hydrocarbon security reserves be carried out by a state authority, guaranteeing absolute and total security, as well as their use under the relevant conditions, according to the law. Maintaining the reserve is necessary for moments when there is uncertainty in the market for the product or when, under certain conditions, the product is missing from the market,” Karakaci said.

He explained that the reserves would be used in situations where uncertainty arises in the market over the supply of hydrocarbon products or when those products become unavailable. The draft law provides for the creation of the National Authority for Hydrocarbon Security, which would be responsible for creating, safeguarding and managing the security reserves.

“This draft law establishes the creation of a National Authority for Hydrocarbon Security, whose duty is to build the hydrocarbon security reserves and manage them, storing them in the appropriate depots and releasing them onto the market from time to time so they do not lose their economic qualities,” the minister said.

According to Karakaci, the mechanism aims to guarantee market supply even in cases of crisis or possible supply disruptions. The minister also said the draft law is fully aligned with the relevant European Union directive, aiming to bring Albania’s legal framework closer to European standards for hydrocarbon supply security.