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Regulations/Legislation

EU and IEA Stocks Obligation

NORA meets its oil stockholding obligation by a combination of:

  • Stocks owned by NORA and stored in Ireland and in other EU Member States with whom Ireland has concluded a Bi-lateral Oil Stockholding Agreement.
  • Stocks held by NORA under short term commercial contracts ("Stock Tickets") in Ireland and in other EU Member States with whom Ireland has concluded a Bi-lateral Oil Stockholding Agreement. These contracts include an option to purchase the oil in emergency circumstances during the period of the contract.

The Department of Communications, Climate Action and Environment (DCCAE) determines the volumes of oil stocks NORA is to hold on an annual basis.

 

© 2017 National Oil Reserves Agency
  • 7 Clanwilliam Square  Grand Canal Quay  Dublin D02 CV48
  • Tel: +353 1 676 9390
  • Fax: +353 1 676 9399
  • Email: enquiries@nora.ie