asked the Minister for Industry and Energy Government policy in regard to the obligation of maintaining a 90-day stock of oil products in accordance with our obligations under the International Energy Agency understanding; if it is intended to increase the number of days of oil reserves; and if he intends to make it mandatory to hold extra stocks on Irish soil.
Ceisteanna—Questions. Oral Answers. - Oil Reserves.
5.
Under the International Energy Programme Agreement, Ireland is committed to maintaining an emergency reserve equal to at least 90 days of oil imports. Our EEC obligation to maintain minimum stock of at least 90 days' average daily consumption is provided for in the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1974 to 1977, which require each oil importer and large oil consumer to maintain a minimum stock. The most recent figures returned to the EEC Commission indicate a stock level of about 93 days.
I share the concern, which has been expressed from time to time, at the level of our reserves at present being held abroad and I have this matter under examination. There is a range of issues related to this question and it will be necessary to ensure that my review will comprehend every such relevant aspect. It is not intended at this time to increase the overall number of days' reserves.
Is the Minister perturbed that 25 days' stock of oil is held outside the country? Is he perturbed that if there is a further escalation of war in the Gulf there is a danger to the nation's oil supplies? In those circumstances will the Minister take immediate steps to ensure that the 90 days' stock of oil is held on Irish territory? Will the Minister consider the need to extend the 90 days' stock level to about 115 days?
I am sure the Deputy is aware that it has been impossible, due to a lack of native storage capacity, to maintain all our requirements on Irish soil and that it has been necessary to allow, within the provision of the regulations, some oil importers to maintain part of their obligations abroad. Approximately 25 per cent of our oil stock is held in member states such as the UK, Belgium. France and the Netherlands with whom bilateral agreements on the reciprocal holding of stocks have been negotiated. The Belgian agreement has already been signed and the UK and France are expected to sign shortly. I share the Deputy's concern and that is part of the examination that is taking place in relation to the former question also. I am sure the Deputy is aware of what I am referring to.
Does the Minister feel obliged to take immediate steps to ensure that the 90 days' stock level is held on Irish soil? Will the Minister take steps to ensure that the necessary investment is made by the companies to do this?
As I have told the Deputy, this whole area is under examination. If the concern being expressed by the Deputy today was held in such a high priority by him when he was in Government he would have done something about it. I am amazed that he did not take the necessary steps. I have started on the road of putting a formula together.
I held it in a higher priority than the Minister.
I am amazed that the Deputy did not have discussions with the Whiddy people like I did.
I am amazed that the Minister did not stop a Granard factory closing down last Friday with the loss of 84 jobs.