Malta and France have signed an agreement on the holding of security stocks of oil and fuel.

Resources Minister George Pullicino and the French Minister of Industry, Eric Besson signed a document providing for France to hold stocks of fuel and oil supplies for Malta.

Mr Besson was in Malta for the eighth Euro-Mediterranean ministerial meeting on industrial cooperation. The two-day meeting ended yesterday.

France has undertaken to help Malta fulfil its requirements under EU law, which obliges member states to hold minimum stocks of crude oil or petroleum products of at least 90 days average daily internal consumption. As Malta does not have the capacity to hold such a large stock it sought the assistance of France and Italy. In case of any crisis leading to disruption of oil supplies to Malta, the stocks in France and Italy will be shipped on the request of the Maltese authorities.

Brussels insists that all member states ensure the availability of an adequate level of emergency oil stocks to safeguard energy supply, as any disruption in the supply of such products imported from outside the EU or a significant increase in their price on international markets could upset European economic activity.

Mr Besson, the first French Minister to visit Malta since the beginning of the Libyan crisis, commended the cooperation between France and Malta in the humanitarian evacuation of people from the North African country.

He thanked Malta for dealing efficiently with the three separate incidents when French military jets made emergency landings at Malta International Airport.

Mr Besson also met Deputy Prime Minister and Foreign Minister Tonio Borg.