EU & IEA 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 the Environment, Climate and Communications (DECC) determines the volumes of oil stocks NORA is to hold on an annual basis.
In parallel with the introduction of the National Oil Reserves Agency Act 2007, the Minister for Communications, Energy and Natural Resources also introduced the National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007.
These Regulations, effective 1st August 2007 set out the information to be provided by the National Oil Reserves Agency (NORA), oil companies and oil consumers to the Minister in monthly statistical returns and provides for the variation in the amount of the NORA levy to be paid (changed from 0.476 cent per litre to 1.00 cent per litre with effect from 1st November 2007, and to 2.00 cent per litre with effect from 1st October 2009) together with the procedures for the invoicing and payment of the levy.
This legislation, coupled with the policies and strategies set out in the Government White Paper entitled "Delivering a Sustainable Energy Future for Ireland" (Section 3.7) form the basis for NORA's ongoing role regarding meeting Ireland's oil stocks obligation.
EU Legislation - Oil Stocks Directive
EU Council Directive 2009/119/EC of 14 September 2009 imposes an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products. A copy of this Directive can be downloaded below.
The EU (Oil Reserves) Regulations 2012 (SI 541 of 2012) as signed by the Minister on 19 December 2012 transposes the 2009 EU Directive into Irish Law. A copy of this S.I can be downloaded below.
Details as to how NORA fulfils the provisions of Article 7 (4) (a) and (b) of the EU Directive are set out in the attached.