Function

NORA is the State Agency responsible for the holding of national strategic oil stocks at a level determined annually by the Minister for Communications, Energy and Natural Resources. Such stocks may be held directly by the Agency itself or on its behalf by third parties in Ireland and/or in EU Member States with whom Ireland has concluded a Bilateral Oil Stockholding Agreement.

NORA receives no Exchequer funding and its ongoing activities are 100% funded by a levy imposed on certain oil products while it borrows from commercial banks in order to purchase NORA wholly owned oil stocks. The levy is 2.0 Euro cent per litre.