National Oil Reserves Agency Act 2007


Maintenance of Oil Stocks

Duty of Agency.

32.— (1) The Agency shall maintain at the Minister’s disposal, such oil stocks as will secure that at all times, subject to section 35 , national oil reserves are maintained at—

(a) a level sufficient to comply with the State’s stockholding obligations, or

(b) such higher level as the Minister may, by written direction, specify if he or she considers it necessary to do so for the effective performance of the Agency’s functions.

(2) The Agency may carry out its duty under subsection (1) by—

(a) holding the oil stocks itself, or

(b) entering into holding contracts.