National Oil Reserves Agency
Prior to 1995 oil companies in Ireland were obliged to meet a substantial portion of Ireland's stockholding obligations. Under the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1995, this responsibility was vested in a new State body, the National Oil Reserves Agency (NORA) which acts as the agent of the Minister for Communications, Energy and Natural Resources. NORA was established as a stand-alone agency under the NORA Act 2007. Its function is to arrange for the holding of national strategic oil stocks at a level determined annually by the Minister. Stocks may be held in Ireland and/or in countries with which Ireland has concluded a Bilateral Oil Stockholding Agreement.
Funding of NORA Activities
NORA receives no Exchequer funding and its ongoing activities are 100% funded by a levy imposed on certain oil products while it borrows from commercial banks in order to purchase NORA wholly owned oil stocks. The levy is €0.02 per litre of product.
Contact:
Pat Meehan - Chief Executive
David Corcoran - Finance & Company Secretary
Michael Cavanagh - Operations
National Oil Reserves Agency Limited
7 Clanwilliam Square
Grand Canal Quay
Dublin 2
Tel: 353 (0)1-6769390
Fax: 353 (0)1-6769399
Email: 1stname.2ndname@nora.ie
NORA website: http://www.nora.ie/