asked the Minister for Industry and Energy the sum of money paid annually by the Government to keep two-thirds of the national oil reserves stored in Rotterdam and Milford Haven.
190.
Ceisteanna—Questions. Written Answers. - Oil Reserves Outside State.
189.
asked the Minister for Industry and Energy whether, in the event of an emergency arising, he is satisfied that the national reserves of oil which are stored outside the State would be readily available as a refined product.
I propose to take Questions Nos. 189 and 190 together.
Apart from the working stocks of the Irish Refining Company at Whitegate which is now owned on behalf of the Government by the Irish National Petroleum Corporation, and the stocks of other State-owned companies such as CIE and ESB, there are no State-owned oil reserves.
Under EEC Regulations, our 90 days obligatory oil stock requirement is met mainly by the oil importing and distribution companies. Up to 18 days of this obligation are held abroad by them with my approval. These stocks are held in the territories of EEC member states with whom we have reciprocal bilateral stock holding arrangements which expressly provide for the unimpeded movement of such stocks in an emergency. More than 75 per cent of these stocks are in product form. Any costs arising from the holding of these stocks is a matter for the companies concerned.
While, as I have said, the stock-holding arrangements provide for the release of the oil in an emergency situation, I well recognise that security of stocks can only be fully guaranteed by having them located within the national jurisdiction. I have on more than one occasion expressed concern about the proportion of our total oil stocks that are held abroad. This has been a material factor in considering whether or not the Government should accept a situation where we had no indigenous refining capability. I am at present reviewing the overall position of strategic oil stocks in the context of longer-term policy for the Whitegate refinery and related issues.