National Oil Reserves Agency Act 2007
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PART 4 Maintenance of Oil Stocks | ||
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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. |