National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations, 2007

• Jurisdiction: Ireland
• Year: 2007
• Citation: IR SI 567/2007

S.I. No. 567 of 2007

NATIONAL OIL RESERVES AGENCY ACT 2007 (RETURNS AND LEVY) REGULATIONS 2007

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 3rd August, 2007.

I, EAMON RYAN, Minister for Communications, Marine and Natural Resources in exercise of the powers conferred on me by sections 44 and 59 of the National Oil Reserves Agency Act 2007 (No. 7 of 2007), hereby make the following regulations:

Citation and commencement.

1. (1) These Regulations may be cited as the National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007.

(2) These Regulations come into operation on 1 August 2007.

Interpretation.

2. In these Regulations—

“Agency” means National Oil Reserves Agency;

“biofuels” has the same meaning as in EU Directive 2003/30/EC of the European Parliament and of the Council of 8 May 2003 on the promotion of the use of biofuels or other renewable fuels for transport 1 ;

“levy” means the levy payable to the Agency under Regulation 4(4);

“levy assessment notice” means a notice issued by the Agency under Regulation 4(3);

“litres” means standard litres, that is the volume that oil occupies at a temperature of 15 degrees Celsius;

“Minister” means the Minister for Communications, Marine and Natural Resources;

“return”, in relation to returns submitted to the Minister for the purposes of Regulation 3, means a return covering a specified calendar month which is so submitted in writing by—

(a) the Agency,

(b) an oil company, or

(c) an oil consumer.

Returns.

3. (1) A return submitted to the Minister for the purposes of paragraph (2), (3) or (4) shall—

(a) be submitted to the Minister in a manner and form specified by the Minister and shall be so submitted not later than the 18th day of the calendar month subsequent to the month to which it refers, and

(b) be approved by a director or the secretary, or by another person acceptable to the Minister, acting on behalf of—

(i) the Agency;

(ii) an oil company, or

(iii) an oil consumer,

as the case may be, and in a manner that is acceptable to the Minister.

(2) A return submitted to the Minister by the Agency shall contain—

(a) the following information with respect to oil (including biofuels), expressed in tonnes or litres, as the Minister directs—

(i) the stocks of oil held by the Agency at the beginning of the month the subject of that return, including stocks held at the disposal of the Agency under holding contracts;

(ii) all purchases of oil received by the Agency during that month;

(iii) all imports into, and exports from, the State of oil made by the Agency during that month;

(iv) the stocks of oil held by the Agency at the end of that month, including stocks held at the disposal of the Agency under holding contracts;

(v) the total sales of oil made by the Agency during that month;

and

(b) such other information as the Minister may from time to time direct.

(3) A return submitted to the Minister by an oil company with respect to oil (including biofuels) shall contain—

(a) the following information, expressed in litres—

(i) the stocks of oil held by the company at the beginning of the month the subject of that return at facilities in the State;

(ii) the stocks of oil held by the company under clause (i) that are held by the company in its own storage facilities;

(iii) the stocks of oil held by the company at the beginning of that month in the form of swaps and drawings the subject of that return at facilities in the State;

(iv) the stocks of oil held by the company at the beginning of that month on behalf of the Agency at facilities in the State or at facilities outside the State;

(v) the stocks of oil held by the company at the beginning of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;

(vi) all purchases of oil received by the company during that month;

(vii) all imports into, and exports from, the State of oil made by the company during that month;

(viii) the stocks of oil held by the company at the end of that month at facilities in the State;

(ix) the stocks of oil held by the company under clause (viii) that are held by the company in its own storage facilities;

(x) the stocks of oil held by the company at the end of that month in the form of swaps and drawings the subject of that return at facilities in the State;

(xi) the stocks of oil held by the company at the end of that month on behalf of the Agency at facilities in the State or at facilities outside the State;

(xii) the stocks of oil held by the company at the end of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;

(xiii) the total sales of oil made by the company during that month;

(xiv) the total sales by the company during that month of marine bunkers and aviation fuel, including jet fuel of the Kerosene type and biofuels;

(xv) the company’s consumption of oil during that month,

and

(b) such other information as the Minister may from time to time direct.

(4) A return submitted to the Minister by an oil consumer with respect to oil (including biofuels) shall contain—

(a) the following information, expressed in litres—

(i) the stocks of oil held by the oil consumer at the beginning of the month the subject of that return at facilities in the State;

(ii) the stocks of oil held by the company under clause (i) that are held by the oil consumer in its own storage facilities;

(iii) the stocks of oil held by the oil consumer at the beginning of that month on behalf of the Agency at facilities in the State or at facilities outside the State;

(iv) all purchases of oil received by the oil consumer during that month;

(v) the stocks of oil held by the oil consumer at the beginning of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;

(vi) all imports of oil into the State made by the oil consumer during that month;

(vii) the stocks of oil held by the oil consumer at the end of that month at facilities in the State;

(viii) the stocks of oil held by the oil consumer under clause (vii) that are held by the company in its own storage facilities;

(ix) the stocks of oil held by the oil consumer at the end of that month on behalf of the Agency at facilities in the State or at facilities outside the State;

(x) the stocks of oil held by the oil consumer at the end of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;

(xi) the oil consumer’s consumption of oil during that month at facilities in the State,

and

(b) such other information as the Minister may from time to time direct.

(5) The Agency, an oil company or an oil consumer (as the case may be) shall, in compiling a return to the Minister—

(a) take into account the following if they are in its beneficial ownership—

(i) stocks of oil on board oil tankers in ports in the State awaiting unloading after completion of port formalities;

(ii) stocks of oil stored in an unloading port in the State;

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