62.— (1) An oil company or oil consumer shall submit contract proposals to the Minister for approval before it enters into a contract with a person (other than the Agency) by which the oil company or the oil consumer, as the case may be, undertakes to hold in the State in accordance with F171[an oil stocks agreement] an agreed volume of oil stocks in respect of the other person’s stockholding obligations.

(2) Before deciding whether to give or withhold approval of proposals submitted under subsection (1), the Minister shall have regard to such factors as he or she considers appropriate, including—

(a) the level of national oil reserves, and

(b) the availability of adequate holding facilities in the State for the purpose of meeting the State’s stockholding obligations.

(3) For the purposes of subsection (2), the Minister may seek the advice of the Agency in relation to the matters referred to in paragraphs (a) and (b) of that subsection.

(4) (a) Where a contract to which subsection (1) relates has been entered into by an oil company or an oil consumer to hold oil stocks in the State in accordance with F171[an oil stocks agreement], then the oil stocks concerned shall be so held by such oil company or oil consumer.

(b) Where in respect of oil stocks a holding contract has been entered into by a person with the Agency and such contract in whole or in part relates to holding of oil stocks in the State, then, subject to paragraph (c), the oil stocks to be held in the State under such contract shall be so held by such person.

(c) Oil stocks maintained in the State for the purposes of paragraph (b) shall be so maintained—

(i) where duly held in conjunction with an oil refining business carried on in the State, as a specific amount of non-identified oil, and

(ii) in any other case, as a specific amount of identified oil which may not be drawn upon or replenished (except by the Agency), but without prejudice to the replacement of the oil from time to time, with the prior consent of the Agency, for the purpose of avoiding degradation of quality.

(5) In this section and section 38 “contract proposals” means—

(a) the name and address of the parties to the contract to hold oil stocks,

(b) the nature and quantity of the stocks,

(c) the location where the stocks are to be held,

(d) the period for which the stocks are to be held, and

(e) such other information as the Minister may require under the State’s stockholding obligations.