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 F31[and Irish emergency stocks] 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.

F32[(1A) The level of Irish emergency stocks to be maintained for the purposes of subsection (1)(a), insofar as that subsection relates to those stocks, shall be at least the greater of—

(a) stocks equal to 90 days of average daily net imports calculated in accordance with subsection (1B), or

(b) stocks equal to 61 days of average inland consumption calculated in accordance with subsection (1B).

(1B)(a) In calculating which level of Irish emergency stocks referred to in subsection (1A) is to apply—

(i) 90days of average daily net imports shall be calculated on the basis of the crude oil equivalent of imports during the previous calendar year determined in accordance with Schedule 1, and

(ii) 61 days of average daily inland consumption shall be calculated on the basis of the crude oil equivalent of inland consumption during the previous calendar year, established and calculated in accordance with Schedule 2.

(b) For the purposes of the calculations referred to in paragraph (a), biofuels and additives shall be taken into account only when they have been blended with the petroleum products concerned.

(c) The average daily net imports and average daily inland consumption referred to in subparagraphs (i) and (ii) of paragraph (a) shall be determined, in relation to the period from 1 January to F33[30 June] of each calendar year, on the basis of the quantities imported into, or consumed in, the State during the last year but one before the calendar year in question.

(d) The level of Irish emergency stocks shall be calculated in accordance with Schedule 3.

(e) The level of Irish emergency stocks at a given time shall be calculated using data from the reference year determined in accordance with paragraphs (a), (b) and (c).

(f) When calculating the level of Irish emergency stocks, biofuels and additives shall be taken into account when—

(i) they have been blended with petroleum products concerned, or

(ii) they are—

(I) stored on the territory of the State,

(II) to be blended with petroleum products to be used for transportation purposes in accordance with Part 5,

and

(III) reported on monthly in accordance with the National Oil Reserves Agency Act 2007 (Returns and Biofuels Levy) Regulations 2010 (S.I. No. 356 of 2010).

(1C)(a) At least one-third of Irish emergency stocks shall be in the form of one or more of the following product categories as defined in F33[Chapter 3.4 of Annex A to Regulation (EC) No. 1099/2008]:

(i) Ethane

(ii) LPG

(iii) Motor gasoline

(iv) Aviation gasoline

(v) Gasoline-type jet fuel (naphtha-type jet fuel or JP4)

(vi) Kerosene-type jet fuel

(vii) Other kerosene

(viii) Gas or diesel oil (distillate fuel oil)

(ix) Fuel oil (high sulphur content and low sulphur content)

(x) White spirit and SBP

(xi) Lubricants

(xii) Bitumen

(xiii) Paraffin waxes

(xiv) Petroleum coke.

(b) Stock levels for each category of product referred to in paragraph (a) shall, in respect of each product in the category concerned, be calculated in accordance with Schedule 3.]

(2) The Agency may carry out its duty F34[under this section] by—

(a) holding the oil stocks itself, or

(b) entering into holding contracts.