The Government has made no decision to move the State’s strategic oil stocks held in the United Kingdom back to Ireland. The National Oil Reserves Agency (NORA) manages Ireland’s strategic oil stocks. Currently, 56% of Ireland’s stockholding is held in Ireland, 21% in the UK (including Northern Ireland) and 23% within other EU member states. NORA’s preference to hold stocks in Ireland is in line with Government policy; however insufficient storage capacity within Ireland necessitates the holding of some stocks abroad.
When the United Kingdom leaves the EU, stocks held in the United Kingdom, including those in Northern Ireland, will still be counted towards our International Energy Agency obligation.
The Irish oil industry does not anticipate product shortages on the markets as a result of the United Kingdom withdrawal. Given this and the quantity of strategic oil stocks held in Ireland, there is no scenario currently envisaged where we would be required to repatriate and utilise Irish stocks held on mainland UK.
Dublin Port Company, under the auspices of the Department of Transport, Tourism and Sport, are engaging with key stakeholders in putting in place contingency plans aimed at ensuring the port facility remains accessible, including the commercial oil terminals.