The National Assembly has decided to form a State Enterprise “State Oil Company“, FOCUS reports. This happened after the deputies adopted at second reading the amendments to the Law on State Reserves and Wartime Stocks.
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They will be under the control of the new State Oil Company, and their goal will be to offer fuels with a minimal markup and thus regulate the market.
According to the adopted texts, it is a legal entity with its registered office in Sofia, is not a commercial company and does not form or distribute profit.
The structure and activity of the enterprise, the powers and obligations of the management bodies shall be determined by a regulation adopted by the Council of Ministers.
The conditions, the order and the terms for realization of interaction between the agency and the enterprise shall be settled by an agreement.
The main subject of activity of the enterprise is creation, storage, protection, renewal and sale of state reserves and wartime stocks of oil and oil products under this law.
The main activity will also include the creation, storage, renewal and sale of stocks of oil and oil products from the Stocks and Petroleum Products Act, as well as management, maintenance, operation and construction of oil depots for storage of reserves and stocks of oil and oil products.
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