German Viktoriagruppe denies oil reserves belong to CR

23-01-2015

The Czech Republic risks losing out on 5.5 million litres of oil from its strategic reserve which it claims was stored in Germany. The insolvency administrator for Viktoriagruppe, a German company managing Czech oil reserves, has denied that the oil held at their German facility belongs to the Czech Republic. News of that rebuff was passed on by the chairman of the Administration of State Material Reserves, Pavel Švagr, on Friday. The state fuel reserve company ČEPRO has already transferred some of the reserves from Viktoriagruppe’s storage sites in the Czech Republic into facilities under its direct control.