Greece places a minimum stockholding obligation on industry. Greece introduced compulsory stockholding legislation for oil market operators in the mid-1980s.
In principle, there is a stockholding obligation for any company licensed to import crude oil or oil products for distribution or for direct consumption (large users) within the national market.
As a member of the European Union, Greece's compulsory stockholding obligations are incurred in terms of the three EU product categories (gasoline, distillates and residual fuel oil). However, the obligation may be partially fulfilled by holding an appropriate level of crude stocks. The calculation of crude equivalent volumes for products is linked to the previous year's product yield. According to Greek legislation, compulsory stocks must be maintained in certified storage tanks intended for this purpose.
This does not mean that operational or commercial stocks must be kept separately in other tanks. In practice, compulsory stocks are co-mingled with operational stocks. All compulsory stocks must be held within Greek national territory; there are no bilateral stockholding agreements with other countries, nor are there any stockholding ticket arrangements.
See also Closing Oil Stock Levels in days of Net Imports
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