National Oil Reserves Agency (NORA)
NORA was established as a stand-alone agency under the NORA Act 2007. Its function is to arrange for the holding of national strategic oil stocks at a level determined annually by the Minister for Communications, Climate Action and Environment (DCCAE), for supply in an emergency. Stocks may be held in Ireland and/or in countries with which Ireland has concluded an Oil Stocks Agreement.
Details of the number of days of oil stocks held by Ireland and other International Energy Agency (IEA) member countries can be found on the International Energy Agency (IEA) website.
National Oil Reserves Agency/An Ghníomhaireacht Chúltaca Ola Náisiúnta
7 Clanwilliam Square
Grand Canal Quay
Tel: 353 (0)1-676 9390 | Email email@example.com | Website www.nora.ie
Funding of NORA Activities
NORA’s ongoing activities are funded by a levy imposed on disposals of oil products and commercial borrowings.
The NORA Levy
The main purpose of the Nora levy is to fund the maintenance of Ireland’s strategic oil reserves.
Liability to pay the NORA levy
The levy is paid by oil marketing companies and oil consumers on their relevant disposals of petroleum products in the State. Such companies are obliged under NORA returns and levy regulations to submit monthly reports to the DCCAE. Any oil company entering the market should contact the Energy Security Division, DCCAE to organise the necessary reporting requirements.