PRAGUE (Pakistan Point News / Sputnik - 07th September, 2022) Oil reserves in the Czech Republic's storage facilities have fallen below the minimum of 90 days and will now last only 87.77 days, Pavel Svagr, the chairman of the Czech Administration of State Material Reserves, said on Wednesday.
"At the moment, our (oil) reserves cover 87.77 days," Svagr told reporters.
The situation is mainly caused by the absence of a supplier of oil and petroleum products, the official said. Even a bid announced twice in 2022 � in July and August � failed to make up the shortfall.
Currently, Prague is working on the third tender to improve the situation, Svagr added. According to him, the Czech Republic will present a contract for the purchase of oil worth about $52.2 million in the next few days. As follows from the tender documentation, it is about 75,000 tonnes of oil.
The Czech Republic is experiencing a shortage of energy resources as a result of Western sanctions imposed on Russia over its special military operation in Ukraine. Since February 24, the European Union has approved seven packages of sanctions against Moscow, including gradual phase-out of Russian oil. In addition, the Ukrainian crisis and subsequent restrictions have resulted in disruptions of supply chains and a spike in energy prices worldwide.
