National Oil Reserves Agency Act 2007

33

Holding contracts.

33.— (1) A holding contract is a contract between the Agency and another person by which that other person undertakes to hold at the disposal of the Agency an agreed volume of oil stocks (whether or not owned by the Agency) for the purposes of the Agency’s functions.

(2) A holding contract may provide for the agreed volume of oil stocks to be held—

(a) inside the State, or

(b) outside the State in the territory of another state in accordance with F34[an oil stocks agreement].

(3) Before entering into a holding contract providing for oil stocks to be held outside the State in accordance with F34[an oil stocks agreement], the Agency shall submit its proposals to the Minister for approval.

(4) Before deciding whether to give or withhold approval of proposals submitted under subsection (3), the Minister shall have regard to such factors as he or she considers appropriate, including any need for particular categories of oil stocks to be held within the State.

Annotations

Amendments:

F34

Substituted (19.12.2012) by European Union (Oil Reserves) Regulations 2012 (S.I. No. 541 of 2012), reg. 12.