The modernisation and security of the oil sectors of the Energy Community member states and their alignment with global sustainability objectives were the central topics discussed at the 16th edition of the Oil Forum, held in Belgrade, from 15 to 16 October 2024. This year's event brought together over 100 participants, including government officials, industry leaders and international organisations, with our country represented by the State Secretary of the Ministry of Energy, Constantin Borosan.

During the panel discussion on "Ensuring Energy Security and Modernising the Oil Sector", Constantin Borosan referred to the actions taken by the Ministry of Energy to reconfigure the oil infrastructure in the Republic of Moldova to accommodate the necessary emergency storage capacities. The Secretary of State detailed the draft Law on Security of Supply of Petroleum Products, which is to be subject to public consultation by the end of the month and aims to align with EU legislation, which requires emergency stocks sufficient for 90 days of average daily net imports.

“The draft is designed to ensure a secure, reliable and affordable supply of petroleum products for Moldova, especially in the event of major supply disruptions. The Republic of Moldova is dependent on imports of petroleum products, mainly from Romania, a critical factor for our country’s transport and agricultural sectors. The current geopolitical landscape has highlighted the importance of diversifying supply sources and strengthening the resilience of the supply chain,” Constantin Borosan noted during the panel discussion.

Energy Community member countries were encouraged to integrate cleaner technologies and improve energy efficiency throughout the oil supply chain. The importance of alignment with the Oil Stocks Directive was also highlighted, in order to ensure long-term energy security and achieve global climate goals. In this context, the efforts of the Republic of Moldova to adapt primary legislation in line with European standards were appreciated.

During the event, the support of the Energy Community Secretariat for the contracting countries was reconfirmed, in order to facilitate the transition to a more sustainable oil sector.

The conclusions of the Forum can be accessed at the following link: https://t.ly/HeaHi [1]