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Increasing oil reserves costly

The state material reserves administration (SSHR) has estimated it will need an extra half billion crowns ($11.1 million) from the state budget this year to increase Slovakia’s oil reserves from 31 days of normal use to 40, as required by law.

The SSHR is required by Slovakia’s European Union entry schedule to increase the reserves to cover 90 days of normal national oil consumption by 2008, a process expected to cost Sk10-12 billion in fuel purchases and construction of storage areas.

Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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