National Oil Reserves Agency Act 2007

F180[SCHEDULE 1

Section 32

The crude oil equivalent of imports of petroleum products, as referred to in section 32 shall be calculated using the following method:

1. The sum of net imports of crude oil, natural gas liquids (NGL), refinery feedstocks and other hydrocarbons, as defined in Annex A, Chapter 3.4 of Regulation (EC) No. 1099/2008, shall be calculated and adjusted to take account of any stock changes. From the resulting figure, one of the following figures shall be deducted for naphtha yield:

4%,

the average naphtha yield,

the net actual naphtha consumption.

2. The sum of the net imports of all other petroleum products, as defined in Annex A, Chapter 3.4 of Regulation (EC) No. 1099/2008, excluding naphtha, shall be calculated and adjusted to take account of stock changes and shall be multiplied by a factor of 1.065.

3. The sum of the figures resulting from 1 and 2 represents the crude oil equivalent.

4. International marine bunkers shall not be included in the calculation.]

Annotations

Amendments:

F180

Substituted (1.01.2020) by European Union (Oil Reserves) (Amendment) Regulations 2019 (S.I. No. 557 of 2019), reg. 7, in effect as per reg. 2.

Editorial Notes:

E76

Previous affecting provision: sch. 1 inserted (29.04.2016) by European Union (Oil Reserves) (Amendment) Regulations 2016 (S.I. No. 231 of 2016), reg. 9; substituted as per F-note above.