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Saturday 19 October 2019

Ireland set to breach EU rules on oil reserves post-Brexit as UK holds 20pc of our supply


Stock image: PA Wire/PA Images
Stock image: PA Wire/PA Images
Cormac McQuinn

Cormac McQuinn

Ireland is set to breach EU rules on storing oil stocks post-Brexit as the Government has "no plans" to move reserves from the UK.

There is an obligation under EU regulations for Ireland to have 90 days worth of oil stocks in reserve and for them to be stored in EU member states.

Figures from the National Oil Reserves Agency (Nora) show that at the end of August stocks stood at more than 1.7 million tonnes in storage.

While 80pc of this is in Ireland or other EU member states, the remaining 20pc were in Britain and Northern Ireland, according to the data sent to the Dáil's Public Accounts Committee (PAC).

A letter from Nora chief executive Pat Meehan addresses the issue of Ireland complying with EU rules on oil reserves post-Brexit.

He said that after the UK leaves the EU, oil stored there will no longer be eligible to be counted towards Ireland's 90-day EU obligation.

Mr Meehan said the issue has been discussed between the Department of Communications and the European Commission.

He added: "Nora understands that the Government has no plans to relocate oil reserves ahead of Brexit and that it will continue to engage with the Commission on Ireland's plans to ensure long-term compliance with our EU obligations."

Irish Independent

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