National Oil Reserves Agency
Prior to 1995 the 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 and its function is to arrange for the holding of national strategic oil stocks at a level determined annually by the Minister. Such stocks may be held directly by the Agency itself or on its behalf by third parties at home or abroad.
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 €0.01.
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/