National Oil Reserves Agency Act 2007

Interpretation.

2.— In this Act—

“ Act of 1963 ” means the Companies Act 1963 ;

“ Act of 2001 ” means the Irish National Petroleum Corporation Limited Act 2001 ;

“ Agency ” means the body corporate formed and registered under the Companies Acts and continued in existence under section 7 as An Ghníomhaireacht Chúltaca Ola Náisiúnta or, in the English language, as the National Oil Reserves Agency;

“ authorised officer ” has the meaning assigned by section 46 ;

“ bilateral agreement ” means any agreement between the Government and the government of another state relating to the holding of oil stocks;

“ chief executive ” means the chief executive of the Agency;

“Council Directive” means Council Directive 2006/67/EC of 24 July 2006 1 imposing an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products;

“ designated subsidiary ” means a subsidiary in respect of which an order is in operation under section 16 (12);

“ holding contract ” has the meaning assigned by section 33 ;

“ IEP Agreement ” means the Agreement on an International Energy Program signed at Paris on 18 November 1974;

“ intermediate product ” means any substance other than crude oil that is capable of being processed into petroleum products of any description;

“ levy ” means the levy imposed under Part 5 ;

“ local authority ” has the same meaning as in the Local Government Act 2001 ;

“ Minister ” means the Minister for Communications, Marine and Natural Resources;

“ national oil reserves ” means at any time the total volume of oil stocks (excluding stocks held in the State under a bilateral agreement) held at that time by—

(a) the Agency or another person on its behalf under a holding contract,

(b) oil companies, and

(c) oil consumers;

“ oil ” means crude oil, intermediate products and petroleum products;

“ oil company ”, with respect to any month, means any person (other than the Agency) that, in the preceding calendar year—

(a) imported into the State or acquired, by purchase or otherwise, from another oil company or from an oil refining or oil storage facility in the State, oil for that person’s own consumption, for resale or for disposal to a third party, or

(b) operated an oil refining or oil storage facility in the State that held in storage, consumed or sold oil;

“ oil consumer ”, with respect to any month, means any person that, in the preceding calendar year—

(a) imported into the State,

(b) acquired, by purchase or otherwise, from an oil company in the State, or

(c) held in storage in the State,

1,000 or more tonnes of petroleum products exclusively for that person’s own consumption in the State and not for resale or for disposal to a third party;

“ petroleum products ” includes the following categories of products:

(a) motor spirit and aviation fuel (that is to say, jet fuel of the gasoline type and aviation spirit);

(b) gas oil, diesel oil and kerosene (including jet fuel of the kerosene type);

(c) fuel oils;

“ prescribed ” means prescribed by regulation;

“ regulations relating to returns ” means regulations under section 59 ;

“ share transfer day ” means the day appointed under section 5 ;

“ stockholding obligations ”, in relation to the State, means its obligations relating to the maintenance of oil stocks under—

(a) the Council Directive,

(b) any provision of the treaties governing the European Communities,

(c) any act adopted by the institutions of those Communities,

(d) the IEP Agreement, and

(e) any international convention or agreement to which the State is or becomes a party;

“ subsidiary ” means a subsidiary (within the meaning of section 155 of the Act of 1963) of the Agency;

“ superannuation benefit ” means a pension, gratuity or other allowance payable on resignation, retirement or death.

1OJ No. L217, 8.8.2006, p.8