Bi lateral Stocks Agreement
In line with international practice Ireland meets its EU and IEA obligations through a combination of :
(a) stocks wholly owned and held by NORA;
(b) "stock tickets" held by NORA under commercial contracts between NORA and 3rd parties where NORA has the option to purchase, in the event of an emergency, during the period of the stock ticket contract; and
(c) operational stocks held in Ireland by industry/large consumers (but not including stocks already in the distribution network(e.g. filling stations) which are deemed to be consumed.
In accordance with the EU Directives 68/414/EEC as amended by directive 98/93/EC on Oil Stocks, as transposed by the European Communities (Minimum Stocks of Petroleum Oils) Regulations 1995 and 2001, Ireland holds stocks in a number of EU Member States under Bi-lateral Oil Stocks Agreements. These stocks consist of stocks wholly owned by NORA and/or stock tickets.
Ireland has bi-lateral agreements with
- Belgium (1977)
- the UK (1984) ; (2005)
- France (1985)
- Denmark (1997) ; (2005)
- Sweden (2003)
- The Netherlands (2005)
In addition, the Bilateral Agreements with Belgium is currently under review by the Oil Supply Division.
No company located in Ireland may store oil stocks, on behalf of, or offer stock tickets to, companies located outside of Ireland unless a Bi-lateral Oil Stock Agreement is in place between Ireland and the relevant country. If an agreement is in place, the procedures set out in the relevant Bilateral Agreement must be complied with.