In line with international practice Ireland meets its EU and IEA obligations through a combination of :
- stocks wholly owned and held by NORA;
- "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
- 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.
EU Directive 2006/67/EC of 24 July 2006 imposes an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products (which codified Directive 68/414/EEC as amended by Directive 98/93/EC on Oil Stocks). The Directive has been transposed in Ireland through the NORA Act 2007 and stocks are held by NORA in Ireland and other EU Member States.
Bi-lateral Oil Stocks Agreements govern stocks held on Ireland's behalf in other EU Member States. These stocks consist of stocks wholly owned by NORA and/or stock tickets. Ireland has bi-lateral agreements with
- Belgium (1977)
- the UK (1984) ; (Revised 2005)
- France (1985)
- Denmark (1997) ; (Revised 2005)
- Sweden (2003)
- The Netherlands (Revised 2005)
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.