National Oil Reserves Agency Act 2007


Levy on Relevant Disposals of Petroleum Products

Definitions for Part 5.

36.— In this Part—

“ expenses ” means the operating costs and administrative expenses of the Agency and each designated subsidiary, including the following:

(a) oil storage costs;

(b) the costs of holding under a holding contract oil stocks not owned by the Agency;

(c) the remuneration, if any, and allowances for expenses of the directors;

(d) the remuneration and allowances for expenses of the chief executive and any superannuation benefits payable to or in respect of him or her;

(e) the remuneration and allowances of the members of staff and any superannuation benefits payable to or in respect of such members;

(f) fees due to any consultants or advisers engaged under this Act;

(g) the costs incurred by the Agency in collecting the levy;

(h) the payment of any interest and other bank charges incurred on borrowings under sections 26 and 27 ;

(i) the repayment of principal borrowed under section 26 or 27 to purchase oil or to do anything specified in section 8 (3)(a), (b), (c) or (f);

“ levy assessment notice ” means a notice issued under section 41 ;

“ marine bunkers ” means petroleum products that are exempt from excise duty as being intended for the fuel tanks of sea-going vessels;

“ petroleum products ” does not include marine bunkers, aviation fuel and jet fuel of the kerosene type;

“ relevant disposal of petroleum products ” has the meaning assigned by section 37 (2);

“ volume assessment ” means an assessment under section 39 of relevant disposals of petroleum products.