Bulgarian Ministry of Finance Proposes to Establish State Oil Company

Business » ENERGY | May 16, 2020, Saturday // 11:39| Views: | Comments: 0
Bulgaria: Bulgarian Ministry of Finance Proposes to Establish State Oil Company pixabay.com

The Ministry of Finance proposes the establishment of a "State Oil Company" which will perform all the functions of the state reserve for storage and renewal of oil reserves.

In order to improve competition in the market and ensure the lowest possible prices for citizens and businesses, as an additional activity, the company will build in the next year gas stations throughout the country said the Ministry of Finance. The gas stations of the state company will provide the opportunity to refuel electric cars.

Licensed warehousekeepers will not be able to deny fuel storage to other depositors. It is envisaged that the state-owned company will have storage facilities in which to store fuels for other investors as well.

The Association of Bulgarian Traders, Producers, Importers and Carriers of Fuels supports the establishment of a "State Oil Company", which will support competition in order to compete between individual economic entities. The association sent an opinion to the Ministry of Finance in support of their proposal.

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