8.— (1) The principal object of the Agency is to perform the functions assigned to it by or under this Act, including the functions of—

(a) maintaining, in accordance with Part 4, oil stocks,

(b) providing, on its own initiative or at the request of the Minister, advice, information or guidance to the Minister on any matter relating to the holding of oil stocks,

F11[(c) (i) collecting and recovering the levy, and

(ii) paying into the Climate Action Fund, out of the proceeds of the levy collected and recovered, such amount as is specified by the Minister pursuant to a direction (if any) given under section 37A,]

F12[(ca) administering the biofuel obligation in accordance with Part 5A,

(cb) collecting and recovering the biofuel levy,]

(d) providing, as the Agency considers appropriate, such consultancy, advisory, technical assistance and contract services (including research and training services) in the State or elsewhere, on any matter relating to the Agency’s functions under subsection (1)(a), and

(e) representing, at the request of the Minister, a Minister of the Government at meetings of international bodies in so far as the meetings relate to the holding of oil stocks.

(2) The object specified in subsection (1) is to be included in the Agency’s memorandum of association.

(3) The Agency has power to do anything that appears to it to be requisite, advantageous or incidental to, or appears to it to facilitate (either directly or indirectly), the performance by it of its functions as specified in or under this Act or in its memorandum of association and that is not inconsistent with any enactment for the time being in force, including power—

(a) to acquire, by purchase or otherwise, hold, store, import, export, transport and exchange oil,

(b) subject to the prior approval of the Minister given with the consent of the Minister for Finance, to acquire land or an interest in land,

(c) to construct, acquire, maintain, operate and develop, in the State or elsewhere, works, plant, equipment, storage tanks and pipelines for holding and transporting oil stocks,

(d) to acquire, charter, hire or otherwise engage ships, vehicles and other means of transportation,

(e) to undertake in the State or elsewhere any other commercial business or operations in connection with the functions of the Agency,

(f) to invest and deal with the Agency’s money,

(g) subject to the prior approval of the Minister given with the consent of the Minister for Finance, to enter into joint ventures, partnerships or other commercial arrangements with other persons to construct, acquire, maintain and develop in the State or elsewhere works, plant, equipment, storage tanks and pipelines for holding and transporting oil stocks,

(h) to sell, as the Agency thinks fit, oil held by or on behalf of the Agency,

(i) subject to the prior approval of the Minister given with the consent of the Minister for Finance, to sell all or part of any other property of the Agency for such consideration as the Agency thinks fit and in particular for shares, stock, debentures or other securities of F13[any body corporate,]

(j) subject to the prior approval of the Minister given with the consent of the Minister for Finance, to enter into any commercial agreement with a third party in the State or elsewhere for the purpose of enabling the Agency to perform its functions F14[under subsection (1)(a), and]

F15[(k) to pay into the Climate Action Fund, out of the proceeds of the levy collected and recovered, such amount as is specified by the Minister pursuant to a direction (if any) given under section 37A.]

(4) This section does not prevent the inclusion in the memorandum of association of all objects and powers, consistent with this Act, that are reasonable, necessary or proper for, or incidental or ancillary to, the due attainment of the principal object of the Agency.

(5) The Agency may perform any of its functions through or by the chief executive or any member of its staff duly authorised in that behalf by the Agency.