IE-2007-act-7 — National Oil Reserves Agency Act 2007 | Law Reform

PART 1 Preliminary and General 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 .— 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 section 46 ; 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 by section 44A ; "biofuel levy" means the biofuel levy imposed under Part 5A ; "biofuel obligation" has the same meaning as in Part 5A ; "biofuel producer" has the meaning assigned by section 44A ; "biofuel supplier" has the meaning assigned by section 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 under section 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 with Schedule 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 ( c ) oil consumers; “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 ( c ) held in storage in the State, 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 by section 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); ( c ) fuel oils; F9 [ "prescribed" means prescribed (other than in sections F10 [ … ] 44E, 44G, 44GA, 44X and 44J ) by regulations made by the Minister; ] F7 [ "public body" means any of the following: ( a ) a Minister of the Government; ( b ) a local authority; ( c ) the Health Service Executive; ( d ) a university or institute of technology; ( e ) an education and training board established under section 9 of the Education and Training Boards Act 2013 ; ( f ) any other person, body or organisation established— (i) by or under an enactment (other than the Companies Act 2014 ) or charter, (ii) by any scheme administered by a Minister of the Government, or (iii) under the Companies Act 2014 in 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 the Companies 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 by section 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 5 and 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, ( c ) any act adopted by the institutions of those 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 .— 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. PART 2 Share Transfer 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 .— (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 .— (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 .— (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 under section 37A , ] F12 [ ( ca ) administering the biofuel obligation in accordance with Part 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 [ under subsection (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 under section 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 .— 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 .— (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 .— 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 .— (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 .— (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; ( c ) finance; ( 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 of F18 [ 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 .—(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 to subsection (3) where such information relates to functions transferred to the Minister for Transport under section 23 of the Oil 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 .—(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 .— (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 .—(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 .— (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 .— (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 .— (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 .— (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 .— (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 .— (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, ( c ) the chief executive or any other member of staff 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 .— (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, ( c ) the chief executive or any other member of staff 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 .— (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 .— 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 .— (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 under subsection (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 .— (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 ( c ) its assets and liabilities. (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, under subsection (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 .— (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, ( c ) any strategy statement that has been laid before each House of the Oireachtas under section 15 , ( 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 under Part 5A or either of the instruments referred to at subparagraphs (ii) and (iii) of paragraph (a) . (4) Information required by the Minister for Transport under subsection (3) shall be provided in such form and within such period as the Minister for Transport may direct. ] 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 . — (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 ) , 26 and 27 F30 [ … ] , (ii) section 3 of the Borrowing Powers of Certain Bodies Act 1996, and (iii) section 2 of the Financial 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 under paragraph (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 under paragraph (a) has effect, the NTMA shall, subject to paragraph (d) , perform on behalf of the Agency the functions specified in the request. ( d ) The functions of the Agency specified in any request made under paragraph (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 under subsection (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 under subsection (2) . (5) The Agency, in connection with the performance of the functions referred to in subsection (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 under section 139 of the Finance Act 1993 the 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 in paragraph (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 under subsection (2) shall be charged to the Agency. ] PART 4 Maintenance of Oil Stocks 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 of subsection (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 with subsection (1B) , or ( b ) stocks equal to 61 days of average inland consumption calculated in accordance with subsection (1B) . (1B)( a ) In calculating which level of Irish emergency stocks referred to in subsection (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 with Schedule 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 with Schedule 2 . ( b ) For the purposes of the calculations referred to in paragraph (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 in subparagraphs (i) and (ii) of paragraph (a) shall be determined, in relation to the period from 1 January to F33 [ 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 with Schedule 3 . ( e ) The level of Irish emergency stocks at a given time shall be calculated using data from the reference year determined in accordance with paragraphs (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 with Part 5 , and (III) reported on monthly in accordance with the National 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 in F33 [ 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 in paragraph (a) shall, in respect of each product in the category concerned, be calculated in accordance with Schedule 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 .— (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 .— (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 .— (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 .— In this Part— F38 [ "expenses" other than in section 37B means ] 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; ( c ) the remuneration, if any, and allowances for expenses of the directors; ( 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 in F41 [ 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 section 26 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 under section 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 .— 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 under section 44 pay 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 in paragraph (b) and such further period as may be specified by order (if any) under subsection (1B) , €0.02 per litre of relevant disposals of petroleum products, and ( b ) during the period beginning on 1 April 2026, or on the date of the coming into operation of section 1 of the National Oil Reserves Agency (Amendment) Act 2026, whichever is the later, and ending on 1 June 2026, €0.001 per litre of relevant disposals of petroleum products. ] F45 [ (1B) Subject to subsection (1C) , the Minister may, where he or she considers it necessary to do so, by order, reduce the rate of the levy referred to in subsection (1A)(a) to a rate specified in the order, for the period specified in the order. (1C) An order under subsection (1B) shall have effect only during the period beginning on 2 June 2026 and ending on 31 December 2027. (1D) A reference in this Act to the rate of the levy shall, where an order is in effect under subsection (1B) , be construed as the rate of the levy specified in that order. ] (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. — (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 under subsection (2) as determined in accordance with subsection (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 under subsection (2) as determined in accordance with subsection (5) ; "financial year" means the financial year of the Agency. (2) Subject to subsection (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 under subsection (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 in subsection (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 in subsection (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 with paragraph (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 in subsection (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 under section 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 with paragraph (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, (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 in subsection (2) or pursuant to a request by him or her under this section, or otherwise, (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 under section 29 . (6) For the purpose of subsection (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 in subsection (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 to paragraph (b) , a payment by the Agency in accordance with subsection (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 in paragraph (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 to section 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 under paragraph (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. — (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 to subsection (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 under paragraph (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 under paragraph (a) in relation to the performance by the person of the functions delegated to it under the order and t