The National Oil Reserves Agency Act 2007 provided for the establishment of the National Oil Reserves Agency (NORA) as a stand-alone non-commercial State body under the aegis of the Department of Communications, Energy and Natural Resources.
The Irish economy and society in general is critically dependent on oil, 100% of which is imported. In this context, NORA plays a key strategic role in maintaining security of energy supplies by ensuring that Ireland meets its European Union (EU) and International Energy Agency (IEA) obligations to maintain 90 days’ oil stocks for use in the event of an oil supply disruption.
While NORA is a non-commercial body it operates in a highly commercial environment. In purchasing oil stocks and negotiating storage arrangements, NORA competes actively with commercial oil companies, often multi-nationals, in order to secure the most cost effective and strategically optimal outcomes for Ireland.
NORA receives no direct Exchequer funding and its purchases of oil stocks are 100% funded by a Government levy of 2 cent per litre imposed on disposal of oil products and borrowings from commercial banks.
For further details including information on the NORA most recent Annual Report and Accounts please visit NORA’s website.