Vol. 482 No. 6
158 Mr. Yates asked the Minister for Public Enterprise if the recommendations of the National Oil Reserve Agency report of 1996 are being implemented; and if she will give details of the progress made on this issue to date in 1997. [18618/97]
The report of the Oil Reserves Advisory Group was submitted to my Department in July, 1996. The group was established in February 1996 as provided for in the regulations which established the National Oil Reserves Agency. The function of the group as set out in the regulations is to keep the activities of NORA under review.
The report of the group highlighted some areas where stockholding could be improved. In broad terms the report coincides with my views on the issues raised.
The main recommendation of the group was for the agency to increase strategic oil stocks within Ireland thereby reducing reliance on stocks abroad. In this regard, in December last year the agency purchased 57,000 tonnes of oil products for storage at Dublin and Shannon. Ongoing discussions are taking place with oil companies regarding the availability of storage facilities for further purchases and the agency have this month arranged for an additional 8,000 tonnes to be stored in Limerick. In addition, when regulatory issues concerning the operation of the Whiddy Island Oil Terminal are resolved, it is planned to import 135,000 tonnes of crude oil to supplement the existing stocks stored at the facility.
