Legalize / Ireland / Act

National Oil Reserves Agency Act 2007

Type Act

Publication 2007-03-13

Last updated 2026-01-01

State In force

Source Irish Statute Book

articles 102

Reform history JSON API

PART 1 Preliminary and General

1. Short Title and commencement.

1.— (1) This Act may be cited as the National Oil Reserves Agency Act 2007.

(2) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.

2. Interpretation.

2.— In this Act—

“Act of 1963” means the Companies Act 1963;

“Act of 2001” means the Irish National Petroleum Corporation Limited Act 2001;

F1["additives" means non-hydrocarbon compounds added to or blended with a product to modify the properties of that product;]

“Agency” means the body corporate formed and registered under the Companies Acts and continued in existence under section 7 as An Ghníomhaireacht Chúltaca Ola Náisiúnta or, in the English language, as the National Oil Reserves Agency;

“authorised officer” has the meaning assigned by section46;

F1["available and physically accessible" in respect of stocks means that, in a case of particular urgency, the stocks are at the disposal of the Minister and arrangements are in place to release the stocks to the market within time frames and under conditions conducive to alleviating an oil supply disruption;]

“bilateral agreement” means any agreement between the Government and the government of another state relating to the holding of oil stocks;

F2["biofuel" has the meaning assigned bysection 44A;

"biofuel levy" means the biofuel levy imposed underPart 5A;

"biofuel obligation" has the same meaning as inPart 5A;

"biofuel producer" has the meaning assigned bysection 44A;

"biofuel supplier" has the meaning assigned bysection 44A;]

F1["central stockholding entity" means the body or service upon which powers may be conferred to act to acquire, maintain or sell oil stocks, including emergency stocks and specific stocks;]

“chief executive” means the chief executive of the Agency;

F3["Climate Action Fund" means the fund established undersection 37B;]

F4["Council Directive" means Council Directive 2009/119/EC of 14 September 2009^1, as amended by Commission Implementing Directive (EU) 2018/1581 of 19 October 2018^2;]

“designated subsidiary” means a subsidiary in respect of which an order is in operation under section 16(12);

F1["effective international decision to release stocks" means any decision taken by the Governing Board of the International Energy Agency to make crude oil or petroleum products available to the market by a release of the stocks of its members or by additional measures which is in force for the time being;

"emergency stocks" means the oil stocks that each Member State is required to maintain pursuant to Article 3 of the Council Directive;]

F5["EU emergency stocks", "Irish emergency stocks" and "oil stocks agreement" have the meanings assigned to them, respectively in the European Union (Oil Reserves) Regulations 2012 (S.I. No. 541 of 2012);]

“holding contract” has the meaning assigned by section 33;

“IEP Agreement” means the Agreement on an International Energy Program signed at Paris on 18 November 1974;

F1["inland consumption" means the total quantities, calculated in accordance withSchedule 2, delivered within the State for both energy and non-energy use; this aggregate includes deliveries to the transformation sector and deliveries to industry, transport, households and other sectors for final consumption; it also includes the own consumption of the energy sector (other than refinery fuel);]

“intermediate product” means any substance other than crude oil that is capable of being processed into petroleum products of any description;

F1["International Energy Agency" means the intergovernmental organisation of that name established within the framework of the Organisation for Economic Co-operation and Development;]

“levy” means the levy imposed under Part 5;

“local authority” has the same meaning as in the Local Government Act 2001;

F1["major supply disruption" means a substantial and sudden drop in the supply of crude oil or petroleum products to the European Communities or to a Member State, irrespective of whether that drop has led to an effective international decision to release stocks;]

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

“national oil reserves” means at any time the total volume of oil stocks F6[(excluding EU emergency stocks and specific stocks)] held at that time by—

(a) the Agency or another person on its behalf under a holding contract,

(b) oil companies, and

“oil” means crude oil, intermediate products and petroleum products;

“oil company”, with respect to any month, means any person (other than the Agency) that, in the preceding calendar year—

(a) imported into the State or acquired, by purchase or otherwise, from another oil company or from an oil refining or oil storage facility in the State, oil for that person’s own consumption, for resale or for disposal to a third party, or

(b) operated an oil refining or oil storage facility in the State that held in storage, consumed or sold oil;

“oil consumer”, with respect to any month, means any person that, in the preceding calendar year—

(a) imported into the State,

(b) acquired, by purchase or otherwise, from an oil company in the State, or

1,000 or more tonnes of petroleum products exclusively for that person’s own consumption in the State and not for resale or for disposal to a third party;

F7["Oil Emergency Plan" has the meaning assigned to it bysection 68;]

F8["oil stocks" means stocks of the energy products listed in Chapter 3.4 of Annex A to Regulation (EC) No. 1099/2008;]

“petroleum products” includes the following categories of products:

(a) motor spirit and aviation fuel (that is to say, jet fuel of the gasoline type and aviation spirit);

(b) gas oil, diesel oil and kerosene (including jet fuel of the kerosene type);

F9["prescribed" means prescribed (other than insectionsF10[…]44E, 44G, 44GA, 44Xand44J) by regulations made by the Minister;]

F7["public body" means any of the following:

(a) a Minister of the Government;

(b) a local authority;

(d) a university or institute of technology;

(e) an education and training board established undersection 9of theEducation and Training Boards Act 2013;

(f) any other person, body or organisation established—

(i) by or under an enactment (other than theCompanies Act 2014) or charter,

(ii) by any scheme administered by a Minister of the Government, or

(iii) under theCompanies Act 2014in pursuance of powers conferred by or under another enactment, and financed wholly or partly by means of money provided, or loans made or guaranteed, by a Minister of the Government or the issue of shares held by or on behalf of a Minister of the Government;

(g) a company (within the meaning of theCompanies Act 2014) a majority of the shares in which are held by or on behalf of a Minister of the Government;

(h) any other person, body, organisation or group that the Minister may prescribe for the purposes of this Act;]

F1["reference year" means the calendar year of the consumption or of the net import data used to calculate either the stocks to be held, or the stocks actually held, at any given time;

F7["register" has the meaning assigned to it bysection 69.]

F4["Regulation (EC) No. 1099/2008" means Regulation (EC) No. 1099/2008 of the European Parliament and of the Council of 22 October 2008^3, as amended by Commission Regulation (EU) No. 147/2013 of 13 February 2013^4, Commission Regulation (EU) No. 431/2014 of 24 April 2014^5and Commission Regulation (EU) 2017/2010 of 9 November 2017^6;]]

“regulations relating to returns” means regulations under section 59;

“share transfer day” means the day appointed under section 5;

“stockholding obligations”, in relation to the State, means its obligations relating to the maintenance of oil stocks under—

(a) the Council Directive,

(b) any provision of the treaties governing the European Communities,

(d) the IEP Agreement, and

(e) any international convention or agreement to which the State is or becomes a party;

“subsidiary” means a subsidiary (within the meaning of section 155 of the Act of 1963) of the Agency;

“superannuation benefit” means a pension, gratuity or other allowance payable on resignation, retirement or death.

3. Expenses.

3.— The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of monies provided by the Oireachtas.

4.— Notwithstanding any enactment or rule of law or any provision contained in the memorandum or articles of association of the Irish National Petroleum Corporation Limited, the Minister shall by order direct the Irish National Petroleum Corporation Limited to transfer, on the share transfer day, the share owned by it in the National Oil Reserves Agency Limited to the Minister on such terms and conditions as the Minister, after consulting with the Minister for Finance, thinks fit.

5.— The Minister shall by order appoint a day to be the day on which the Irish National Petroleum Corporation Limited transfers the share owned by it in the National Oil Reserves Agency Limited to the Minister.

6. Transfer costs and stamp duty.

6.— (1) Amounts (if any) paid by the Minister in respect of a transfer directed under section 4 shall be repaid to the Central Fund out of monies provided by the Oireachtas.

(2) Stamp duty is not chargeable on an instrument under which the share owned by the Irish National Petroleum Corporation Limited in the National Oil Reserves Agency Limited is transferred to the Minister.

PART 3 The National Oil Reserves Agency

7. Continuation of Agency.

7.— (1) The National Oil Reserves Agency Limited continues in existence under this Act, but is to be known as An Ghníomhaireacht Chúltaca Ola Náisiúnta or, in the English language, as the National Oil Reserves Agency.

(2) Subject to this Act, the Companies Acts continue to apply to the Agency.

(3) Section 6(1)(a) of the Act of 1963 does not apply to the Agency.

8. Object and functions of Agency.

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 undersection 37A,]

F12[(ca) administering the biofuel obligation in accordance withPart 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[undersubsection (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 undersection 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.

9. Additional functions.

9.— The Minister may, with the consent of the Minister for Finance and after consulting with the Agency and any other Minister of the Government who, in the Minister’s opinion, is concerned, by order assign to the Agency such additional functions connected with the functions assigned to it by or under this Act as the Minister considers appropriate.

10.— The authorised share capital of the Agency, as stated in its memorandum of association, shall be such amount, divided into shares of such value, as may be determined from time to time by the Minister for Finance after consulting with the Minister.

11. Issue of shares.

11.— (1) Shares in the share capital of the Agency may be issued only with the consent of the Minister for Finance given after consulting with the Minister.

(2) The cost of any shares issued to the Minister by the Agency shall be advanced to the Minister by the Minister for Finance out of the Central Fund or the growing produce of the Fund.

12. Exercise by Minister of functions exercisable by shareholders.

12.— The Minister may exercise, in respect of the shares held by him or her in the Agency, all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his or her attorney.

13. Memorandum and articles of association.

13.— (1) The Agency shall take such steps as may be necessary under the Companies Acts to alter its memorandum and articles of association for the purpose of making them consistent with this Act.

(2) Notwithstanding anything contained in the Companies Acts, any alteration that is made in the memorandum or articles of association of the Agency takes effect only if the alteration is made with the prior approval of the Minister given with the consent of the Minister for Finance.

14. Board of directors.

14.— (1) The board of directors of the Agency is to consist of—

(a) not more than 5 directors (including the chairperson), and

(b) the person holding the office of chief executive who, by virtue of that office, is a director.

(2) The directors (other than the chief executive) shall be appointed by the Minister with the consent of the Minister for Finance.

(3) A person appointed as a director under subsection (2) shall be a person who, in the Minister’s opinion, has experience and competence in one or more of the following areas:

(a) oil or oil related industries;

F16[(aa) biofuel or biofuel related industries;]

(b) chemical or chemical related industries;

(d) economics;

(e) legal matters;

(f) energy production and supply industries.

(4) Each director appointed under subsection (2) shall be appointed for a period not exceeding 5 years and is eligible for reappointment.

(5) The Minister shall designate one of the directors (other than the chief executive) as chairperson.

(6) The Minister with the consent of the Minister for Finance may, at any time, remove from office a director appointed under subsection (2) if—

(a) in the Minister’s opinion, the director has become incapable through ill-health of performing his or her functions,

(b) in the Minister’s opinion, the director has committed stated misbehaviour,

(c) the director’s removal from office appears to the Minister to be necessary for the Agency to perform its functions effectively, or

(d) the director has contravened section 24 of this Act or an applicable provision of the Ethics in Public Office Act 1995.

(7) Section 182 of the Act of 1963 does not apply to the Agency.

F17[(8) The directors (including the chairperson and chief executive) shall be paid by the Agency out ofF18[the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered]such remuneration (if any) and allowances for expenses as the Minister, with the consent of the Minister for Finance, may determine.]

(9) A person who, immediately before the commencement of this section, held office as a director of the Agency shall, subject to subsection (6) and section 23 and the terms and conditions upon which he or she was appointed, continue in office as such director until the end of the period for which he or she was appointed, as if appointed under subsection (2).

(10) In this section “applicable provision of the Ethics in Public Office Act 1995”, in relation to a director appointed under subsection (2), means a provision of that Act that, by virtue of a regulation under section 3 of that Act, applies to that director.

15. Strategy statement.

15.—(1) As soon as practicable after the share transfer day, the Agency shall prepare and submit to the Minister for approval a strategy statement for—

(a) in the case of the initial strategy statement, the ensuing five year period, and

(b) in the case of each subsequent strategy statement, the period specified by the Minister.

(2) Each strategy statement shall be prepared in such form and manner as the Minister may direct.

(3) In preparing a strategy statement, the Agency shall have regard to the need to ensure the most beneficial, effective and efficient use of its resources and shall include the following information:

(a) the key strategies and activities the Agency will pursue to further its objects and perform its functions;

(b) the outputs the Agency aims to achieve and against which its performance will be assessed;

(c) the staff, resources and expenditure proposals necessary to pursue the strategies and activities referred to in paragraph (a).

F19[(3A) Prior to approving a strategy statement, the Minister shall consult with the Minister for Transport in relation to the information included in the strategy statement pursuant tosubsection (3)where such information relates to functions transferred to the Minister for Transport under section 23 of theOil Emergency Contingency and Transfer of Renewable Transport Fuel Functions Act 2023.]

(4) As soon as practicable after approving a strategy statement, the Minister shall cause a copy of the statement to be laid before each House of the Oireachtas.

16. Power to establish subsidiaries.

16.—(1) The Agency may, with the consent of the Minister and the Minister for Finance, perform any of its functions through a subsidiary.

(2) For the purpose of subsection (1), the Agency may do one or more of the following:

(a) acquire, form or establish one or more than one subsidiary;

(b) acquire or hold shares, or any other interest, in a company or become a member of a company.

(3) A subsidiary that is acquired, formed or established under subsection (2) may be formed and registered under—

(a) the Companies Acts, or

(b) the laws of a place other than the State.

(4) The Agency shall ensure that the memorandum and articles of association of each subsidiary are in a form consistent with this Act and that the prior approval of the Minister and the Minister for Finance is obtained in relation to the memorandum and articles of association of each subsidiary and any alterations to them.

(5) Each subsidiary formed or established under the Companies Acts shall be limited by shares and comply with those Acts.

(6) The Minister may, subject to subsection (7), give a direction in writing to the Agency on any matter relating to a subsidiary, and the Agency shall ensure compliance with the direction.

(7) A direction that relates to the disposal of any assets or surpluses of a subsidiary may only be given with the consent of the Minister for Finance.

(8) The grades of staff and the number of staff of a subsidiary shall be determined by the Agency, with the consent of the Minister and the Minister for Finance.

(9) A member of the staff of a subsidiary holds office or employment subject to such terms and conditions as are approved by the Minister with the consent of the Minister for Finance.

(10) The directors of a subsidiary shall be appointed and may be removed from office by the Agency with the prior approval of the Minister given with the consent of the Minister for Finance.

(11) If a person who is both a director of a subsidiary and a director of the Agency is removed under section 14(6) from office as a director of the Agency or ceases under section 23 to hold such office, that person immediately ceases to be a director of the subsidiary.

(12) The Minister may, by order, designate a subsidiary that complies with the requirements of this section as a subsidiary whose operating costs and administrative expenses are to be paid out of F20[the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered].

(13) Where any function of the Agency is, under the memorandum of association of a subsidiary, a function of the subsidiary, every provision of, or of any instrument under this Act or any other enactment relating to the Agency shall, in respect of that function, apply to the subsidiary as it applies to the Agency.

17. Power to charge and recover fees.

17.— (1) The Agency may charge, receive and recover fees for work undertaken by it on behalf of any person other than a Minister of the Government.

(2) The Agency may recover, as a simple contract debt in any court of competent jurisdiction, from any such person any amount due and owing to it under subsection (1).

18. Power to engage consultants and advisers.

18.—(1) The Agency may engage such consultants or advisers as it considers necessary for performing its functions.

(2) Any fees due to a consultant or adviser engaged under this section shall be paid by the Agency out of F21[the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered].

19. Chief executive (appointment and term of office).

19.— (1) There shall be a chief executive of the Agency.

(2) The chief executive shall be appointed and may be removed or suspended from office by the directors appointed under section 14(2).

(3) The chief executive holds office for such period and subject to such terms and conditions (including terms and conditions relating to remuneration and allowances for expenses) that the directors appointed under section 14(2) may, with the approval of the Minister given with the consent of the Minister for Finance, determine.

(4) The remuneration and allowances determined under subsection (3) and any superannuation benefits payable to or in respect of the chief executive shall be paid by the Agency out of F22[the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered].

(5) A person may be reappointed as chief executive subject to the other provisions of this section.

(6) Where and for so long as the chief executive is suspended from office, the chief executive is suspended from being a director of the Agency.

20. Functions of chief executive.

20.— (1) The functions of the chief executive are—

(a) to carry on, manage and control generally the administration and business of the Agency, and

(b) to perform any other functions that may be determined by the directors.

(2) The chief executive is responsible to the board of directors for the performance of his or her functions and the implementation of the board’s policies.

(3) The chief executive shall provide the directors with such information, including financial information, in relation to the performance of his or her functions as the directors may require.

(4) The functions of the chief executive may be performed in his or her absence or when the position of chief executive is vacant by such member of the staff of the Agency as may be designated for that purpose by the directors.

(5) The person designated under subsection (4) to perform functions of the chief executive is not entitled to act as a director of the Agency.

(6) The directors may at any time revoke or alter a designation made under subsection (4).

(7) The chief executive shall not hold any other office or position or carry on any business, trade or profession without the consent of the directors.

21. Staff of Agency.

21.— (1) The Agency may, subject to a determination under subsection (2), appoint persons to be members of its staff.

(2) The Agency shall, with the approval of the Minister given with the consent of the Minister for Finance, determine—

(a) the terms and conditions of employment (including terms and conditions relating to remuneration and allowances) of staff appointed under this section, and

(b) the grades and the numbers of staff of the Agency at each grade.

(3) The remuneration and allowances of the members of the Agency’s staff and any superannuation benefits payable to or in respect of those members shall be paid by the Agency out of F23[the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered].

(4) A member of staff of the Agency shall perform such duties as the chief executive may assign to him or her.

(5) A person who, immediately before the commencement of this section, was a member of staff of the Agency shall, subject to section 23(2) and the terms and conditions upon which he or she was appointed, continue in employment as if appointed under subsection (1).

22. Superannuation.

22.— (1) The Agency shall prepare and submit to the Minister a scheme, or more than one scheme, for granting superannuation benefits to or in respect of such members of staff (including the chief executive) of the Agency as it may think fit.

(2) A superannuation scheme shall fix the time and conditions of retirement for all persons to or in respect of whom superannuation benefits are payable under the scheme and different times and conditions may be fixed in respect of different classes of persons.

(3) A superannuation scheme submitted to the Minister under this section shall, if approved by the Minister with the consent of the Minister for Finance, be carried out by the Agency in accordance with its terms.

(4) A superannuation scheme may be amended or revoked by a subsequent scheme prepared, submitted and approved under this section.

(5) The Agency may not grant, or enter into any arrangement for the provision of any superannuation benefit to or in respect of a member of staff (including the chief executive) of the Agency except in accordance with a superannuation scheme approved under this section or approved by the Minister with the consent of the Minister for Finance.

(6) Each superannuation scheme shall include provision for appeals from a decision relating to a superannuation benefit under the scheme.

(7) The Minister shall ensure that a superannuation scheme approved under this section, including an amendment of a scheme, is laid before each House of the Oireachtas as soon as practicable after it is approved.

(8) Either House of the Oireachtas may, by a resolution passed within 21 sitting days after the day on which the superannuation scheme is laid before it, annul the scheme.

(9) The annulment of a superannuation scheme under subsection (8) takes effect immediately on the passing of the resolution concerned, but does not affect the validity of anything done under the scheme before the passing of the resolution.

(10) A scheme for granting superannuation benefits to or in respect of members of the staff of the Agency that is in existence immediately before the passing of this Act and that has been approved by the Minister with the consent of the Minister for Finance is deemed to have been submitted and approved under this section.

23. Membership of either House of Oireachtas, European Parliament or local authority.

23.— (1) A director of the Agency (including the chief executive) immediately ceases to hold office on—

(a) being nominated as a member of Seanad Éireann,

(b) being elected as a member of either House of the Oireachtas or of the European Parliament,

(c) being regarded, pursuant to section 19 of the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy, or

(d) becoming a member of a local authority.

(2) A member of staff of the Agency is immediately seconded from employment with the Agency on—

(a) being nominated as a member of Seanad Éireann,

(b) being elected as a member of either House of the Oireachtas or of the European Parliament, or

(c) being regarded, pursuant to section 19 of the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy.

(3) No remuneration or allowances are payable by the Agency in respect of the secondment period to a person seconded under subsection (2) from employment, and that period is not to be counted as service with the Agency for the purposes of any superannuation benefit.

(4) In relation to a person seconded under subsection (2) from employment, the secondment period begins on the occurrence of the relevant event referred to in that subsection and ends when the person ceases to be a member of either House of the Oireachtas or of the European Parliament.

(5) A person who is entitled under the Standing Orders of either House of the Oireachtas to sit in that House or who is a member of the European Parliament is, while so entitled or such a member, not eligible to become a director of the Agency or to be employed in any capacity by the Agency.

24. Unauthorised disclosure of confidential information.

24.— (1) Except in the circumstances specified in subsection (2), a person shall not disclose confidential information obtained while performing functions as—

(a) a director of the Agency,

(b) a member of a committee of the Agency,

(d) an authorised officer,

(e) a person engaged by the Agency as a consultant or adviser, or

(f) an employee of a person referred to in paragraph (e).

(2) A person does not contravene subsection (1) by disclosing confidential information if—

(a) the Agency authorises its disclosure,

(b) the disclosure is made to the Agency,

(c) the disclosure is made to the Minister by or on behalf of the Agency or in compliance with a requirement of this Act, or

(d) the disclosure is otherwise required by law.

(3) In this section “confidential information” means—

(a) information that is expressed by the Agency to be confidential either as regards particular information or as regards information of a particular class or description, and

(b) proposals of a commercial nature or tenders submitted to the Agency by a contractor, a consultant or any other person.

25. Code of conduct.

25.— (1) The Agency shall, following consultation with the Minister, draw up a code of conduct in respect of proper standards of integrity, conduct and concern for the public interest to be maintained by a person while performing functions as—

(a) a director of the Agency,

(b) a member of a committee of the Agency,

(d) a consultant or adviser engaged by the Agency, or

(e) an employee of a person referred to in paragraph (d).

(2) The Agency shall publish any code of conduct drawn up under this section.

26. Power to borrow.

26.— (1) The Agency may, subject to subsections (2) and (3), raise or borrow money (including money in a currency other than the currency of the State) by means of the issue of debentures or otherwise, for the purpose of providing for current or capital purposes.

(2) The aggregate amount at any time of money raised or borrowed under this section shall not exceed €1 billion.

(3) No money may be raised or borrowed under this section except with the prior approval of the Minister given with the consent of the Minister for Finance and subject to such terms and conditions as they may determine.

(4) F24[…]

(5) For the purposes of this section and section 27 money raised or borrowed in a currency other than the currency of the State is deemed to be the equivalent in the currency of the State of the actual money raised or borrowed, such equivalent being calculated according to the rate of exchange, at the time the money is raised or borrowed, for that currency and the currency of the State.

(6) The limit on borrowings provided for under subsection (2) applies to the aggregate at any one time of borrowings of the Agency and all subsidiaries.

27. Temporary borrowing.

27.— The Agency may, with the prior approval of the Minister given with the consent of the Minister for Finance, borrow temporarily by arrangement with bankers or otherwise such sums of money (including money in a currency other than the currency of the State) as it may require for the purpose of providing for current expenditure.

28. Annual report.

28.— (1) The Agency F25[shall submit to the Minister] an annual report of its activities and those of any subsidiaries after the end of the financial year to which the report relates.

(2) Each annual report shall be in such form and include information regarding such matters as the Minister may direct.

F26[(2A) On receipt of the annual report from the Agency undersubsection (1), the Minister shall provide a copy of the annual report to the Minister for Transport.]

(3) The Minister shall cause copies of the annual report to be laid before each House of the Oireachtas not later than 6 months after the end of the financial year to which the report relates.

29. Accounts and audit.

29.— (1) Without prejudice to the requirements of the Companies Acts in relation to proper books of account, the Agency shall keep, in such form as may be approved by the Minister with the consent of the Minister for Finance, all proper books and records of account of—

(a) all income received by it including the sources,

(b) all expenditure incurred by it, and

(2) The Agency shall submit its accounts annually to the Comptroller and Auditor General for audit at such times as the Minister, with the consent of the Minister for Finance, shall direct.

(3) After the audit, the Agency shall present to the Minister the audited accounts together with the Comptroller and Auditor General’s report.

F27[(3A) The Minister shall, as soon as may be after he or she has been presented, undersubsection (3), with the documents referred to in that subsection, provide copies of those documents to the Minister for Transport.]

(4) The Minister shall cause copies of the documents presented under subsection (3) to be laid before each House of the Oireachtas not later than 6 months after the end of the financial year to which the audited accounts relate.

30. Information to Minister on performance of functions.

30.— (1) If required by the Minister, the Agency shall provide the Minister with information in relation to such matters as he or she may specify concerning or relating to—

(a) the performance of its functions (including those performed through a subsidiary),

(b) its plans for the future performance of its functions,

(d) any report or account prepared by it under sections 28 or 29,

(e) the economy and efficiency of use of the Agency in the use of its resources,

(f) the systems, procedures and practices employed by the Agency for the purpose of evaluating the effectiveness of its operations, or

(g) the policy and activities, other than day-to-day activities, of the Agency and of any subsidiaries.

(2) Information required by the Minister under subsection (1) shall be provided in such form and within such period as the Minister may direct.

F28[(3) If required by the Minister for Transport, the Agency shall provide the Minister for Transport with information in relation to such matters as he or she may specify concerning or relating to—

(a) the performance of its functions (including those performed through a subsidiary) under:

(i)Part 5A;

(ii) the European Union (Biofuel Sustainability Criteria) Regulations 2012 (S.I. No. 33 of 2012);

(iii) the European Union (Greenhouse Gas Emission Reductions, Calculation Methods and Reporting Requirements) Regulations 2017 (S.I. No. 160 of 2017), and

(b) its plans for the future performance of its functions underPart 5Aor either of the instruments referred to atsubparagraphs (ii)and(iii)ofparagraph (a).

(4) Information required by the Minister for Transport undersubsection (3)shall be provided in such form and within such period as the Minister for Transport may direct.]

31. Information to Oireachtas on performance of functions.

31.— (1) Whenever required to do so by the Committee of Dáil Éireann established under the Standing Orders of Dáil Éireann to examine and report to Dáil Éireann on the appropriation accounts and reports of the Comptroller and Auditor General, the chief executive shall give evidence to that Committee on all matters pertaining to the expenditure of the Agency and any of its subsidiaries.

(2) Whenever requested to do so by a committee (other than the Committee referred to in subsection (1)) of one or both Houses of the Oireachtas, the chief executive shall account to such committee for the performance of the functions of the Agency and any of its subsidiaries.

31A. F29[Appointment of National Treasury Management Agency to act on behalf of Agency in certain matters.

31A.—(1) In this section "NTMA" means the National Treasury Management Agency.

(2) (a) Subject to the prior consent of the Minister for Finance, the Agency may from time to time request the NTMA to perform, on its behalf, all or any part of the functions of the Agency under—

(i)sections 8(3)(f),26and27F30[…],

(ii) section 3 of the Borrowing Powers of Certain Bodies Act 1996, and

(iii)section 2of theFinancial Transactions of Certain Companies and Other Bodies Act 1992.

(b) The Agency may from time to time, subject to the prior consent of the Minister for Finance, revoke or amend a request made underparagraph (a), but without prejudice to the validity of anything done previously on foot of that request in the terms that it stood immediately before that revocation or amendment.

(c) For so long as a request made underparagraph (a)has effect, the NTMA shall, subject toparagraph (d), perform on behalf of the Agency the functions specified in the request.

(d) The functions of the Agency specified in any request made underparagraph (a)shall be performed by the NTMA on behalf of the Agency subject to such terms and conditions (including any amendment to such terms and conditions) as the Agency and the NTMA may from time to time agree.

(3) The Minister for Finance may from time to time revoke, in whole or in part, any consent given undersubsection (2), but without prejudice to the validity of anything done previously on foot of that consent in the terms that it stood immediately before that revocation.

(4) The NTMA has, by virtue of this subsection, all the powers that are necessary for or incidental to the performance on behalf of the Agency of the functions specified in a request made undersubsection (2).

(5) The Agency, in connection with the performance of the functions referred to insubsection (4), may—

(a) engage in transactions of a normal banking nature in respect of the management of the Agency’s money, including issuing funds from the Agency’s account,

(b) pay into any foreign currency clearing account created by the Minister for Finance undersection 139of theFinance Act 1993the proceeds of any transaction denominated in a currency other than the currency of the State, and

(c) apply any amounts standing to the credit of any foreign currency clearing account towards the discharging of payment obligations arising under any transaction referred to inparagraph (a).

(6) The expenses and other costs incurred by the NTMA in connection with or arising out of any transactions engaged in by the NTMA in the performance on behalf of the Agency of any of the functions specified in a request made undersubsection (2)shall be charged to the Agency.]

PART 4 Maintenance of Oil Stocks

32. Duty of Agency.

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 ofsubsection (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 withsubsection (1B), or

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

(1B)(a) In calculating which level of Irish emergency stocks referred to insubsection (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 withSchedule 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 withSchedule 2.

(b) For the purposes of the calculations referred to inparagraph (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 insubparagraphs (i)and(ii)ofparagraph (a)shall be determined, in relation to the period from 1 January toF33[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 withSchedule 3.

(e) The level of Irish emergency stocks at a given time shall be calculated using data from the reference year determined in accordance withparagraphs (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 withPart 5,

and

(III) reported on monthly in accordance with theNational 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 inF33[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 inparagraph (a)shall, in respect of each product in the category concerned, be calculated in accordance withSchedule 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.

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 F35[an oil stocks agreement].

(3) Before entering into a holding contract providing for oil stocks to be held outside the State in accordance with F35[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.

34. Duties of Minister.

34.— (1) The Minister shall, in accordance with the State’s stockholding obligations, from time to time determine the extent to which, and the manner in which, crude oil, intermediate products and different categories of petroleum products may be taken into account—

(a) in calculating national oil reserves F36[and Irish emergency stocks], and

(b) in determining the volume of oil stocks to be maintained by the Agency in order to carry out its duty under section 32.

(2) The Minister shall keep the Agency informed of the volume of oil stocks, calculated by reference to the information supplied to the Minister in accordance with the regulations relating to returns, that the Agency must maintain to comply with its duty under section 32.

35. Release of oil stocks in cases of particular urgency.

35.— (1) If the Minister considers that a case of particular urgency exists, F37[whether by reason of an effective international decision to release stocks or a major supply disruption, or otherwise,] and that it is necessary for the compliance by the State with its stockholding obligations to do so, he or she shall notify the Agency that the oil stocks maintained by it may be reduced below the level required under section 32 for such period and to such level as the Minister may, in writing, direct.

(2) After consulting the Agency, the Minister may, in writing—

(a) issue a direction specifying the procedures to be applied by the Agency for releasing such oil stocks, and

(b) authorise the Agency to release oil stocks in accordance with those procedures.

PART 5 Levy on Relevant Disposals of Petroleum Products

36. Definitions for Part 5.

36.— In this Part—

F38["expenses" other than insection 37Bmeans] the operating costs and administrative expenses of the Agency and each designated subsidiary, including the following:

(a) oil storage costs;

(b) the costs of holding under a holding contract oil stocks not owned by the Agency;

(d) the remuneration and allowances for expenses of the chief executive and any superannuation benefits payable to or in respect of him or her;

(e) the remuneration and allowances of the members of staff and any superannuation benefits payable to or in respect of such members;

(f) fees due to any consultants or advisers engaged under this Act;

(g) the costs incurred by the Agency in F39[collecting or recovering the levy];

F40[(ga) the costs incurred by the Agency in administering the biofuel obligation;

(gb) the costs incurred by the Agency inF41[collecting or recovering the biofuel levy];]

(h) the payment of any interest and other bank charges incurred on borrowings under sections 26 and 27;

(i) the repayment of principal borrowed under section26 or 27 to purchase oil or to do anything specified in section 8 (3)(a), (b), (c) or (f);

F42[(j) the expenses and other costs incurred by the NTMA in connection with or arising out of any transactions engaged in by the NTMA in the performance on behalf of the Agency of any of the functions specified in a request made undersection 31A(2);]

“levy assessment notice” means a notice issued under section 41;

“marine bunkers” means petroleum products that are exempt from excise duty as being intended for the fuel tanks of sea-going vessels;

“petroleum products” does not include marine bunkers, aviation fuel and jet fuel of the kerosene type;

“relevant disposal of petroleum products” has the meaning assigned by section 37(2);

“volume assessment” means an assessment under section 39 of relevant disposals of petroleum products.

37. Liability of oil companies and oil consumers to pay levy.

37.—F43[(1) For the purposes of—

(a) meeting expenses properly incurred, or likely to be so incurred, by the Agency and each designated subsidiary in performing functions under this Act, and

(b) contributing to the funding of the Climate Action Fund in accordance with this Act,

oil companies and oil consumers, shall, in accordance with this Part and the regulations undersection 44pay to the Agency in each month a levy on their relevant disposals of petroleum products in the preceding month.]

F44[(1A) The rate of the levy shall be—

(a) other than during the period referred to inparagraph (b), €0.02 per litre of relevant disposals of petroleum products, and

(b) during the period commencing on 12 October 2022 and ending on 28 February 2023, €0.001 per litre of relevant disposals of petroleum products.]

(2) A relevant disposal of petroleum products is the volume (expressed in tonnes or litres) of petroleum products that in any month—

(a) in relation to an oil company, it consumes or it disposes of by sale or otherwise to persons in the State, and

(b) in relation to an oil consumer, it consumes in the State.

(3) No levy is payable by an oil company (other than an oil company operating an oil refining or oil storage facility in the State) or an oil consumer on its relevant disposals of petroleum products where the levy has been paid by the oil company from which it acquired the petroleum products.

37A. F45[Payment into Climate Action Fund by direction of Minister

37A.—(1) In this section—

"combined actual and estimated income of the Agency" means the combined actual and estimated income of the Agency in the financial year in which it is proposed to give a direction undersubsection (2)as determined in accordance withsubsection (4);

"combined actual and estimated expenses of the Agency" means the combined actual and estimated expenses of the Agency in the financial year in which it is proposed to give a direction undersubsection (2)as determined in accordance withsubsection (5);

"financial year" means the financial year of the Agency.

(2) Subject tosubsection (3), the Minister may, in each financial year commencing with the financial year in which the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 is commenced, following consultation with the Agency, the Minister for Public Expenditure and Reform and the Minister for Finance, give a direction to the Agency to pay into the Climate Action Fund in that financial year the amount specified in the direction.

(3) The amount which the Minister may specify in a direction undersubsection (2)shall be an amount—

(a) that represents part of the sum of—

(i) the proceeds of the levy collected and recovered in that part of the financial year falling before the date on which the direction is to be given other than the proceeds of the levy collected and recovered before the commencement of the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020, and

(ii) the proceeds of the levy estimated, having regard to the matters referred to insubsection (4)(b)(i)to(iv), to be collected and recovered during that part of the financial year falling after the date on which the direction is to be given,

(b) in respect of which the Minister is reasonably satisfied that, when the amount is deducted from the combined actual and estimated income of the Agency, such deduction will not result in the remaining combined actual and estimated income of the Agency being insufficient to meet the combined actual and estimated expenses of the Agency, and

(c) that the Minister considers is appropriate to be so specified having regard to the expenses referred to insubsection (6).

(4) (a) The combined actual and estimated income of the Agency shall be the sum of—

(i) the amount of money standing to the credit of the accounts (if any) of the Agency at any financial institution in the State and at the National Treasury Management Agency,

(ii) the proceeds of the levy estimated to be collected and recovered during that part of the financial year falling after the date on which a direction is given, and

(iii) the proceeds of the biofuel levy estimated to be collected and recovered during that part of the financial year falling after the date on which a direction is given,

determined in accordance withparagraph (b).

(b) For the purpose of determining the combined actual and estimated income of the Agency, the Minister shall have regard to—

(i) the information contained in the Agency’s strategy statement for the time being,

(ii) the information provided by the Agency to him or her in that regard during the consultation by him or her with the Agency referred to insubsection (2)or pursuant to a request by him or her under this section, or otherwise,

(iii) the proceeds of the levy collected and recovered in the immediately preceding financial year, and

(iv) where available, the information presented to him or her undersection 29.

(5) (a) The combined actual and estimated expenses of the Agency shall be the sum of—

(i) the expenses properly incurred by the Agency and each designated subsidiary in the financial year in which the direction is to be given, but before the date on which it is given, in performing its functions under this Act, and which have not been paid, and

(ii) the expenses of the Agency and each designated subsidiary in performing its functions under this Act estimated to be likely to be properly incurred during that part of the financial year falling after the date on which a direction is given,

determined in accordance withparagraph (b).

(b) For the purpose of determining the combined actual and estimated expenses of the Agency, the Minister shall have regard to—

(i) the information contained in the Agency’s strategy statement for the time being,

(iii) the expenses of the Agency and of each designated subsidiary in the immediately preceding financial year, and

(iv) where available, the information presented to him or her undersection 29.

(6) For the purpose ofsubsection (3) (c), the expenses to which the Minister shall have regard are expenses estimated by the Agency as being likely to be properly incurred by it and each designated subsidiary in a financial year subsequent to that in which the direction is to be given and which are identified by the Agency in its strategy statement for the time being or in the consultations by the Minister with the Agency referred to insubsection (2)or in information provided to the Minister pursuant to a request by him or her under this section, or otherwise.

(7) A direction under this section shall be given in writing and may provide for the payment of the amount specified in the direction by one payment or by payment by instalments, to be paid in such amounts and at such time or times as may be specified in the direction.

(8)(a) Subject toparagraph (b), a payment by the Agency in accordance withsubsection (7)shall be made out of the moneys standing to the credit of any account of the Agency at any financial institution in the State or at the National Treasury Management Agency which represent the proceeds of the levy collected and recovered at the time the payment is made.

(b) Any moneys referred to inparagraph (a)which represent the proceeds of the levy collected and recovered before the commencement of the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 shall not form part of any payment into the Climate Action Fund under this section.

(9) (a) Without prejudice tosection 30, the Minister may request the Agency to provide him or her with information in relation to such matters as he or she may specify which he or she considers necessary or expedient for the performance of his or her functions under this section.

(b) Information requested by the Minister underparagraph (a)shall be provided to him or her by the Agency and shall be provided in such form and within such period as the Minister may direct.

(10) The Agency shall comply with a direction given by the Minister under this Act.]

37B. F46[Climate Action Fund

37B.—(1) There shall stand established on the commencement of the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 a fund which shall be known as the "Climate Action Fund".

(2) Subject tosubsection (3), the Minister shall manage and control the Climate Action Fund.

(3) (a) The Minister may by order delegate the management and control of the Climate Action Fund and any other functions under this section related to such management and control to a specified person.

(b) An order underparagraph (a)may contain such ancillary and incidental provisions as the Minister considers necessary or expedient for the purposes of the delegation effected by the order.

(c) The Minister may give directions or guidelines to the person to whom a delegation is made underparagraph (a)in relation to the performance by the person of the functions delegated to it under the order and that person shall comply with any such directions and perform those functions in accordance with any such guidelines.

(d) The Minister shall before giving directions or guidelines underparagraph (c)consult with such other Minister of the Government (if any) who he or she considers appropriate.

(4) The Climate Action Fund shall consist of such accounts as the Minister may determine.

(5) The Minister shall keep all proper and usual accounts of all moneys paid into the Climate Action Fund and disbursements from the Climate Action Fund.

(6) As soon as may be after the end of each financial year, the Minister shall submit the accounts of the Climate Action Fund to the Comptroller and Auditor General for audit and the Minister shall cause a copy of the accounts as so audited together with a copy of the report of the Comptroller and Auditor General thereon to be laid before each House of the Oireachtas.

(7) Subject to, and in accordance with a direction (if any) of the Minister given undersection 37A, there shall be paid by the Agency into the Climate Action Fund the amount specified in the direction.

(8) The Minister may, out of moneys provided by the Oireachtas or other sources, pay into the Climate Action Fund in any financial year such amount as he or she determines, with the consent of the Minister for Public Expenditure and Reform, in relation to that financial year.

(9) Without prejudice tosubsection (13), the Minister may from time to time pay out of the Climate Action Fund such amounts of moneys as he or she considers appropriate for any or all of the following purposes:

(a) to support projects that seek to reduce, or support the reduction of, greenhouse gas emissions in the State;

(b) to support projects that seek to increase the production, or use, of renewable energy in the State;

F47[(ca) to support projects that seek to increase climate resilience in the State;

(cb) to support nature based projects that enhance biodiversity and seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;]

(d) to support initiatives involving potentially innovative solutions to—

(i) reduce greenhouse gas emissions in the State,

(ii) increase the production or use of renewable energy in the State,

F48[(iii) increase energy efficiency in the State,]

F49[(iv) increase climate resilience in the State,

(v) increase the removal of greenhouse gas in the State,

(vi) enhance biodiversity through nature based projects that seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;]

(e) to support research in relation to—

(i) reducing greenhouse gas emissions in the State,

(ii) increasing the production, or use, of renewable energy in the State,

F48[(iii) increasing energy efficiency in the State,]

F49[(iv) increasing climate resilience in the State,

(v) increasing the removal of greenhouse gas in the State,

(vi) enhancing biodiversity through nature based projects that seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;]

(f) to support projects and initiatives in regions in the State and within sectors of the economy impacted by the transition to a low carbon economy.

(10) (a) Without prejudice to the generality ofsubsection (9), the Minister, or such other person as he or she may nominate, may invite proposals to avail of moneys from the Climate Action Fund for any or all of the purposes set out inparagraphs (a)to(f)ofsubsection (9).

(b) An invitation underparagraph (a)shall be published on the website of the Department of Communications, Climate Action and Environment and shall outline the criteria to be used to assess proposals.

(11) Any payment of moneys out of the Climate Action Fund under any ofparagraphs(a)to(f)ofsubsection (9)shall be made to the person or persons who carry on, or as the case may be, carried on the project, initiative or research, as the case may be, the principal purpose of which is, in the opinion of the Minister, the particular purpose in respect of which that payment is made.

(12) Without prejudice to the preceding provisions of this section, no payment shall be made out of the Climate Action Fund in respect of a project, initiative or research, as the case may be, where the project, initiative or research is carried on otherwise than in accordance with such guidelines as may be prepared by the Minister, after consultation with the Minister for Public Expenditure and Reform, for that purpose and which are published on the website of the Department of Communications, Climate Action and Environment.

(13) (a) The Minister may from time to time pay out of the Climate Action Fund such an amount of moneys as he or she determines for the purpose of defraying, in whole or in part, the expenses incurred on or after the establishment of the Fund, by him or her or by any person to whom functions are delegated undersubsection (3)in connection with the administration of the Fund.

(b) Any amount of moneys paid out of the Climate Action Fund underparagraph (a)shall be paid into, or disposed of for the benefit of, the Exchequer in such manner as the Minister, with the consent of the Minister for Public Expenditure and Reform, may determine.

(14) The Minister may establish a committee to advise him or her with respect to the performance by him or her of functions under this section and a committee so established may advise the Minister accordingly.]

F50[(15) In this section—

"Act of 2015" means the Climate Action and Low Carbon Development Act 2015;

"biodiversity" has the same meaning as in the Act of 2015;

"financial year" means the financial year of the Climate Action Fund;

"greenhouse gas" has the same meaning as in the Act of 2015;

"nature based project" means a solution that is inspired and supported by the process and functioning of nature, which is cost-effective and provides environmental, social and economic benefits and helps to build resilience;

"removal" has the same meaning as in the Act of 2015.]

38. Exemptions from levy.

38.— (1) Subject to subsection (2), no levy is payable in any month by an oil consumer that, throughout the preceding month, held within the State stocks of petroleum products owned by it that equalled or exceeded—

(a) 55 times the average volume of those products consumed by it on each day in the preceding calendar year, or

(b) such other daily volume as may be prescribed by the Minister for the purpose of securing supplies of oil in accordance with the State’s stockholding obligations or with its national requirements.

F51[(2) In calculating for the purposes of this section stocks of petroleum products held throughout the preceding month by an oil consumer, the Minister shall not take into account any volume of petroleum products on behalf of the oil consumer under a contract between the oil consumer and another person, unless—

(a) the other person is a person mentioned in Article 8(1) of the Council Directive,

(b) the contract provides for an agreed volume of petroleum products owned by the oil consumer to be so held by the other person for the purpose of a claim by the oil consumer for exemption from levy under this section,

(d) before the contract was entered into, the contract proposals (within the meaning assigned bysection 62) were submittedF52[to the Minister,]

F53[(e) where the contract provides for the agreed volume of petroleum products to be held outside the State—

(i) the oil consumer and other person have demonstrated that the petroleum products are held in accordance with the provisions of any oil stocks agreement that the State may enter into from time to time and are, whether or not co-mingled with other stocks held by economic operators—

(I) clearly identifiable in terms of location, volume and category of oil product,

(II) subject to inspection, verification and audit, and

(III) available at all times to be released without encumbrance when the oil consumer is called on to do so by the Minister,

and

(ii) the oil consumer reports monthly in respect of those petroleum products in accordance with theNational Oil Reserves Agency Act 2007(Returns and Levy) Regulations 2007 (S.I. No. 567 of 2007)]

F54[(f) the contract provides that where the other person is—

(i) an economic operator which has surplus stocks or available stockholding capacity outside the territory of the State but within the Community,

(ii) an economic operator which has surplus stocks or available stockholding capacity within the territory of the State,

the delegation of stockholding obligations to that person under the contract shall—

(I) wheresubparagraph (i)applies—

(A) be authorised in advance by the Minister and by all Member States within whose territories the stocks will be held, and

(B) not be sub-delegated by that other person,

(II) wheresubparagraph (ii)applies—

(A) be communicated in advance to the Minister,

and

(B) not be sub-delegated by that other person,

(g) the contract provides that any change to, or extension of, the stockholding obligations delegated by the oil consumer under that contract to—

(i) a central stockholding entity, other than the Agency, where—

(I) the central stockholding agency has, before entering into the contract, declared itself willing to hold such stocks, and

(II) the delegation has been authorised in advance by the Minister and by all Member States within whose territories the stocks will be held, or

(ii) an economic operator, where—

(I) the operator has surplus stocks or available stockholding capacity outside the territory of the State but within the Community, and

(II) the delegation has been authorised in advance by the Minister and by all Member States within whose territories the stocks will be held,

will take effect only where such change or extension is authorised in advance by the Minister and by any other Member State which authorised the delegation of the stockholding obligations under that contract,

and

(h) the contract provides that any change to, or extension of, the stockholding obligations delegated by the oil consumer under that contract to an economic operator that has surplus stocks or available stockholding capacity within the territory of the State shall be deemed to be a new delegation of those obligations.]

(2A) Where an oil consumer proposes to delegate the consumer’s stockholding obligationF55[to the Agency or to a central stockholding entity other than the Agency,]the oil consumer shall notify the Minister at least 170 days prior to the start of the period to which the obligation in question relates in accordance with Article 8(4) of the Council Directive.]

(3) An oil consumer that claims exemption from levy under this section shall supply to the Minister, in accordance with and within the time specified in the regulations relating to returns, all information relevant to the exemption claimed.

39. Volume assessment.

39.— (1) Before the end of each month, the Minister shall notify the Agency of the Minister’s assessment of the volume of each category of petroleum products appearing to have been relevantly disposed of in the preceding month by each oil company and oil consumer liable to pay the levy.

(2) The volume assessment is to be based on—

(a) the information supplied by the oil company or oil consumer in accordance with the regulations relating to returns, or

(b) if that information has not been supplied or if the Minister has reason to believe that information so supplied is inaccurate or incomplete in any material respect, such estimates as appear to the Minister to be reasonable having regard to any other available information.

40. Calculation of levy.

40.— (1) The Minister shall calculate in accordance with this section the amount of levy payable in respect of a month by each oil company and oil consumer liable to pay the levy on its relevant disposals in the month and shall notify the Agency of that amount.

(2) The amount of levy shall be calculated by reference to—

(a) the oil company’s or the oil consumer’s relevant disposals of petroleum products (including, where appropriate, of each category of petroleum products) in the month as specified in its volume assessment for the month, and

(b) F56[the rate of levy specified insection 37(1A).]

41. Levy assessment notice.

41.— The Agency shall give each oil company and oil consumer liable to pay the levy in respect of a month a levy assessment notice specifying—

(a) the oil company’s or oil consumer’s relevant disposals of petroleum products as specified in its volume assessment for that month,

(b) F57[the rate of levy specified insection 37(1A),]

(d) the date, determined in accordance with the regulations, on which the levy becomes payable, and

(e) where appropriate, any exemption from levy in accordance with section 38.

42. Interest on unpaid amount of assessment.

42.— (1) If all or part of the amount specified in a levy assessment notice is not paid on or before the date specified in the notice as the date on which the amount becomes payable, interest on the unpaid amount accrues at the rate prescribed under section 44 from that date to the date of payment.

(2) Notwithstanding subsection (1), interest does not accrue on an amount that in a review under section 44(1)(e) the Minister determines is not payable.

43. Recovery of unpaid levy and interest.

43.— The Agency may recover, as a simple contract debt in any court of competent jurisdiction, from the oil company or oil consumer by whom it is payable any amount due and owing to it under this Part in respect of the levy and any interest that has accrued on that amount.

43A. F58[Exchange of information

43A.—(1) Notwithstanding any obligation to maintain secrecy or any other restriction on the disclosure or production of taxpayer information obtained by or furnished to the Revenue Commissioners for the purposes of the Acts, the Revenue Commissioners may transfer to the Minister taxpayer information, held by them for those purposes, relating to mineral oil brought into the State and declared to the Revenue Commissioners in accordance with excise law.

F59[(2) Taxpayer information transferred to the Minister by the Revenue Commissioners undersubsection (1)may be used by the Minister in the exercise of his or her powers and functions relating to the administration of the levy or the preparation of the Oil Emergency Plan only and shall not be disclosed by the Minister to any other person for any purpose whatsoever.]

(3) Notwithstanding any obligation to maintain secrecy or any other restriction on the disclosure or production of information obtained by or furnished to the Minister, the Minister may transfer to the Revenue Commissioners information, relating to mineral oil brought into the State, furnished to the Minister by oil companies and oil consumers undersection 59and any regulations made under that section for the purposes of this Act.

(4) Information transferred to the Revenue Commissioners by the Minister undersection (3)may be used only by the Revenue Commissioners in the exercise of their powers under the Acts and shall not be disclosed by the Revenue Commissioners to any other person for any other purpose whatsoever.

(5) In this section—

"excise law" means the statutes and the instruments made under statute that relate to the duties of excise or the management of those duties;

"mineral oil" has the meaning given to it bysection 94of theFinance Act 1999;

"taxpayer information" has the meaning given to it by section 851A of theTaxes Consolidation Act 1997;

"the Acts" has the meaning given to it bysection 1078of theTaxes Consolidation Act 1997.]

44. Regulations relating to levy.

44.— (1) The Minister may, by regulations, provide for all or any of the following matters relating to the levy:

(a) F60[…]

(b) the daily volume of petroleum products to be held by an oil consumer for the purposes referred to in section 38(1)(b);

(d) the keeping by oil companies and oil consumers of specified records in respect of matters connected with liability to pay the levy and the specifying of the form in which and the period for which such records are to be kept;

(e) the review by the Minister of a levy assessment notice at the request of an oil company or oil consumer that claims that the notice is erroneous;

(f) the time within which a request for such review shall be made and the conditions to be satisfied by an oil company or oil consumer before the request can be made;

(g) F61[…]

(h) the times at which payment becomes due;

(i) the form in which payment is to be made to the Agency by an oil company or oil consumer;

(j) the rate of interest on amounts not paid when due;

(k) such other matters as are necessary for or incidental to the imposition, payment and collection of the levy.

(2) F62[…]

(3) F63[…]

(4) F64[…]

(5) F65[…]

(6) F66[…]

(7) Regulations under subsection (1)(j) may prescribe a formula for determining the interest rate by reference to—

(a) the prevailing Euro Interbank Offered Rate,

(b) an additional rate certified by the F67[Central Bank of Ireland], and

(c) such other additional rate as the Minister considers appropriate taking into account the cost of recovering unpaid levy, including any bank charges the Agency may incur in maintaining a bank overdraft to cover a shortfall in funds arising out of unpaid levy.

F68[PART 5A F69[Renewable Transport Fuel Obligation]] Annotations Amendments: F68 Inserted (9.06.2010) by Energy (Biofuel Obligation and Miscellaneous Provisions) Act 2010 (11/2010), s. 3, commenced as per s. 1(3). F69 Substituted (15.07.2022) by European Union (Renewable Energy) Regulations (2) 2022 (S.I. No. 350 of 2022), reg. 17(1)(a), in operation as per reg. 1(2). Editorial Notes: E22 Obligation imposed on biofuel obligation account holder to make written return to the Minister for purposes of Part (1.07.2010) by National Oil Reserves Agency Act 2007 (Returns and Biofuel Levy) Regulations 2010 (S.I. No. 356 of 2010), reg. 3, in operation as per reg. 1(2).

44A. F68[Definitions for Part 5A.

44A.—(1) In this Part—

F73["F70[advanced]biofuels" mean biofuels that are produced from the feedstock listed in Part A of Annex IX;

"F70[advanced]biofuel obligation" has the meaning assigned bysection 44C;]

"biofuel" means liquid or gaseous fuel for transport produced from biomass;

F71[…]

F73[“biogas” means gaseous fuels produced from biomass;]

"biomass" means the biodegradable fraction of products, waste and residues from biological origin from agriculture (including vegetal and animal substances), forestry and related industries including fisheries and aquaculture, as well as the biodegradable fraction of industrial and municipal waste;

F72["certified", other than insection 44V, means certified in accordance withsection 44G;

"crop cap" has the meaning assigned bysection 44C;]

"Directive" meansF74[Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources, as amended by Commission Delegated Regulation (EU) 2022/759^3, Directive (EU) 2023/2413^4, Directive (EU) 2024/1405^5and Directive (EU) 2024/1711^6;

"expenses" has the meaning assigned by section 36;

F72["high ILUC-risk" has the meaning assigned bysection 44C;

"high ILUC-risk cap" has the meaning assigned bysection 44C;]

"Member State" means a state which is a member of the European Union and includes states that are parties to the agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the protocol done at Brussels on 17 March 1993;

"motor vehicle" means a mechanically propelled vehicle which is powered, in whole or in part, by an internal combustion engine and is designed, constructed or modified to be suitable for use on roads;

F73["obligated party" means an oil company or oil consumer, as the case may be, that is subject to the renewable transport fuel obligation under this Part;]

"obligation period", in relation to theF70[renewable transport fuel obligation], means—

(a) in the case of the first obligation period, the period beginning on the day on whichsection 44Ccomes into operation and ending on 31 December next following that day, and

(b) in the case of each subsequent obligation period, the period of 12 months beginning on 1 January and ending on 31 December next following the immediately preceding obligation period;

"period of validity", in relation to a biofuel obligation certificate, has the meaning assigned bysection 44G;

"petroleum products" has the meaning assigned bysection 36;

F75["recharging point" and "recharging station" have the same meanings, respectively, as they have in Regulation (EU) 2023/1804 of the European Parliament and of the Council of 13 September 2023^7on the deployment of alternative fuels infrastructure;]

F73["Recycled carbon fuels" means liquid and gaseous fuels that are produced from liquid or solid waste or solid waste streams of non-renewable origin which are not suitable for material recovery in accordance with Article 4 of Directive 2008/98/EC, or from waste processing gas and exhaust gas of non-renewable origin which are produced as an unavoidable and unintentional consequence of the production process in industrial installations;]

F71[…]

"relevant disposal of road transport fuel" meansF70[the energy content of road transport fuel (calculated in accordance with paragraph (b) of Article 7(4) of the Directive and expressed in megajoules)]that in any obligation period—

(a) an oil company consumes or disposes of by sale or otherwise to persons in the State, or

(b) an oil consumer consumes in the State;

"relevant disposal of petroleum products" has the same meaning as inPart 5;

F73["relevant disposal of renewable transport fuel" has the meaning assigned bysection 44N;

"Renewable Energy Regulations" means the European Union (Renewable Energy) Regulations (2) 2022 (S.I. No. 350 of 2022)

F75["renewable fuels of non-biological origin" means liquid and gaseous fuels used in the transport sector, the energy content of which is derived from renewable sources other than biomass.]

F76[…]

F74["renewable transport fuel" means liquid or gaseous fuel (including biofuels, biogas, recycled carbon fuels, advanced biofuels and renewable fuels of non-biological origin) used in the transport sector.]

"renewable transport fuel levy assessment notice" means a notice given undersection 44Q;

"renewable transport fuel obligation" has the meaning assigned bysection 44C;

"renewable transport fuel obligation account" means an account held undersection 44Eby an obligated party, renewable transport fuel producer or renewable transport fuel supplier and references to "renewable transport fuel obligation account holder" shall be construed accordingly;

"renewable transport fuel obligation certificate" means a certificate issued undersection 44Gto a renewable transport fuel obligation account holder;

"renewable transport fuel producer" means a person who produces renewable transport fuel for his or her own use or for sale;

"renewable transport fuel supplier" means a person who supplies renewable transport fuel;]

F78["reporting period", in respect of each obligation period, means a period of 3 consecutive months beginning on 1 January, 1 April, 1 July and 1 October;]

"road transport fuel" means any liquid or gaseous fuel which may be used to power, in whole or in part, a motor vehicle whether or not it may also be used for any other purpose;

"volume assessment" means an assessment undersection 44Oof relevant disposals of biofuel.

(2) A word or expression that is used in this Part and is also used in the Directive has, unless the context otherwise requires, the same meaning in this Part as it has in the Directive.]

44B. F79[Conversion factors.

44B.—F80[…]]

44C. F81[Renewable transport fuel obligation.

44C.—(1) This section applies to relevant disposals of road transport fuel in respect of which, in the obligation period concerned, an oil company or an oil consumer, as the case may be, is liable to pay the levy—

(a) whether or not the levy has been paid, and

(b) in the case of an oil consumer, whether or not the oil consumer is exempt from, or has claimed an exemption from, the levy in accordance withsection 38.

(2) Every oil company and oil consumer liable to pay the levy (in this Part referred to as an "obligated party") is required to ensure that in each obligation period not less than a specified amount of its relevant disposal of road transport fuel to which this section applies is renewable transport fuel (in this Part referred to as the "renewable transport fuel obligation").

F82[(3) The specified amount referred to insubsection (2)shall be expressed in megajoules and shall amount to no less than the applicable percentage, specified insection 44Dfor the obligation period concerned, of the total relevant disposal of road transport fuel concerned, and such specified amount shall include certified disposals of—

F83[(a) advanced biofuels and biogas and renewable fuels of non-biological origin that, in total, amount to no less than the applicable percentage, specified insection 44D, of the total relevant disposal of road transport fuel concerned (in this Part referred to as the "advanced biofuel and renewable fuels of non-biological origin obligation"),]

(b) biofuels and biogas produced from food and feed crops that, in total, amount to no greater than the applicable percentage, specified insection 44D, of the total relevant disposal of the road transport fuel concerned (in this Part referred to as the "crop cap"), and

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