Uchenna Izundu
International Editor
LONDON, Mar. 8 -- The International Energy Agency has formally invited the Slovak Republic to join the group and become an important source of information for other IEA members on energy transit in Central and Eastern Europe.
In preparation for membership, the Slovak Republic has built its emergency oil stocks in excess of 100 days of net imports and implemented legislation and policies to fulfill its membership obligations. Curbing energy demand has also been a priority of the Slovak Republic to bring it on par with other IEA member countries.
The Slovak Republic imports most of its oil from Russia, but exports refined petroleum products to its neighbors.
Before its membership is recognized, the Slovak Republic must incorporate IEA's founding document, the Agreement on an International Energy Program (IEP Agreement), under its national legislation and complete other administrative duties.
IEA Executive Director Claude Mandil said the Slovak Republic's membership would enhance the agency's presence and energy security in the region.
"The Slovak Republic has taken impressive steps to provide for its own energy protection and made remarkable progress in transforming its energy sector into a market-orientated one that is based on the principles reflected in the IEA shared goals," Mandil said. "There is every reason to expect that this successful process will continue and be reinforced by membership in the IEA."
The Slovak Republic will be the 27th member of IEA once it completes its membership process.
Contact Uchenna Izundu at [email protected].
