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

 

© 2021 National Oil Reserves Agency
  • Second Floor, Building Number 3, Number One, Ballsbridge,
    126 Pembroke Road,Dublin 4, D04 EP27
  • Tel: +353 1 676 9390
  • Fax: +353 1 676 9399
  • Email: enquiries@nora.ie