National Oil Reserves Agency Act 2007

Liability of oil companies and oil consumers to pay levy.

37.— (1) For the purpose of meeting expenses properly incurred, or likely to be so incurred, by the Agency and each designated subsidiary in performing functions under this Act, oil companies and oil consumers shall, in accordance with this Part and the regulations under section 44 , pay to the Agency in each month a levy on their relevant disposals of petroleum products in the preceding month.

(2) A relevant disposal of petroleum products is the volume (expressed in tonnes or litres) of petroleum products that in any month—

(a) in relation to an oil company, it consumes or it disposes of by sale or otherwise to persons in the State, and

(b) in relation to an oil consumer, it consumes in the State.

(3) No levy is payable by an oil company (other than an oil company operating an oil refining or oil storage facility in the State) or an oil consumer on its relevant disposals of petroleum products where the levy has been paid by the oil company from which it acquired the petroleum products.