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IN SHORT BUSINESS

Oil reserves commitments to be met

SLOVAKIA is prepared to meet the requirements regarding the EU's obligatory oil reserves but in order to fulfil the plan, the state will have to release more funds, said the head of the state reserves authority SŠHR, Ján Tušim.

According to Tušim, more oil and oil products must be purchased than had been planned, as their daily use has been rising, the state run TASR news agency reported.

Currently, Slovakia stores a 47-day supply of oil reserves, as calculated based on the average use of the commodity.

By the end of the year Slovakia must increase the reserves to a 55-day supply, and by 2008 the country is obliged to have 90-day reserves.

According to Tušim, the SŠHR also plans to build additional storage units, though some of Slovakia's oil reserves could be stored abroad.

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