At the heart of the agreement is enhanced cooperation between the organisations responsible for managing national strategic reserves – Estonian Stockpiling Agency (AS Eesti Varude Keskus) and Latvia’s state asset management company Possessor – as well as the planning of joint activities for the coming years.
According to Minister of Economic Affairs and Industry Erkki Keldo, the memorandum stems from a shared understanding that Estonia and Latvia face the same geopolitical threat environment. In the event of a major crisis, the movement of people, trade flows, and the impacts on supply chains do not stop at national borders.
“Joint procurement, coordinated reserve planning and regional cooperation allow us to save taxpayers’ money while strengthening our negotiating position with major suppliers. Many vital services and critical infrastructure systems in our countries are already closely interconnected. A good example is regional energy security and natural gas storage in Latvia, which serves the interests of the entire region. In the event of natural gas supply disruptions, Estonia can contribute through the LNG reception infrastructure developed at Pakri Peninsula Port,” said Keldo.
He added that it is equally important to align crisis plans and harmonise public guidance so that individuals, businesses and providers of essential services can respond effectively to emergencies regardless of which side of the border they are on.
Latvian Minister of Economics Viktors Valainis said that the memorandum signed today represents a concrete step towards strengthening the resilience of Latvia and Estonia in the event of supply chain disruptions and crisis situations.
“Closer cooperation on strategic reserves and fuel supply means that we can rely on one another precisely when it is needed most. This is an investment in the security and economic stability of both countries,” he noted.
The action plan includes several practical cooperation projects, such as cross-border storage and use of fuel reserves during crises, the exchange of information on fuel stations equipped with backup generators, sharing best practices on ensuring the supply security of essential goods, analysing cooperation opportunities in the area of food reserves, and developing common positions on European Union stockpiling policies.
