Cyprus reaches agreement on oil reserves with the Netherlands

The Cyprus Council of Ministers has approved the draft of an interstate agreement between Cyprus and the Kingdom of the Netherlands on the Holding of Oil Reserves, under the title “Agreement between the Kingdom of the Netherlands and the Republic of Cyprus on the Reciprocal Holding of Stocks of Crude Il and/or Petroleum Products.”
The Council of Minister has authorised Commerce, Industry and Tourism Minister to sign the agreement on behalf of the Republic.
Cyprus, as an EU member, has an obligation to maintain certain amounts of crude oil and/or petroleum products in stoke, in line with European regulations.