Switzerland taps fuel reserves due to reduced supply

Author: Reuters | Oct 27 2015 at 10:37 AM | Category: Energy  International Trade  

ZURICH - Switzerland has released fuel reserves for the first time in almost five years to ease a supply bottleneck. “On Monday, we decided to release reserves of 50,000 cubic metres for diesel and 40,000 cubic metres for gasoline,” Lucio Gastaldi, head of compulsory stocks at Switzerland’s Federal Office for National Economic Supply, said on Tuesday. This represents 2.5 percent of Switzerland’s compulsory stocks of gasoline and 4.5 percent of its diesel reserves, Gastaldi said. This is the first time Switzerland has drawn on its reserves since November 2010, when there was industrial action in France. Companies have been informed of the decision and can draw from these reserves based on their market shares. The move was due to the temporary closure last week for technical reasons of a refinery in Cressier, Switzerland, as well as ships carrying less fuel because of the Rhine’s low water levels. Rail transport is stretched so it has not been possible to bridge the shortfall through increased supplies from trains. Varo Energy said on Monday it expected its Cressier refinery—which produces gasoline, diesel and heating oil and has a capacity of 68,000 barrels per day—to come back on line early next week. The news was first reported by Swiss newspaper Handelszeitung. 

© Copyright 1999–2024 American Journal of Transportation. All Rights Reserved