Oil Stockholding Act 2012

The Oil Stockholding Act implements the European Union’s Directive 2009/119/EC and lays out a specific legal framework concerning the protection of Austria’s energy supply by stockholding oil and other petroleum products. Importers are required to hold 25% each of the imports of crude oil and individual petroleum products, biofuels (and raw materials for biofuels).Importers can stockpile such products with the Austrian Central Stockholding Entity which acts as a central depository. The Austrian Central Stockholding Entity can also stockpile 10% more on their own.
Alternatively, importers may fulfill their stockholding obligations by holding compulsory emergency stocks themselves; by participating in the joint holding of compulsory emergency reserves in cooperation with one or more other compulsory stockholders; or by entering into a private law contract under which a counterparty agrees to maintain specified quantities of crude oil, petroleum products, biofuels, or feedstocks used for biofuel production. These quantities must be owned either by the compulsory stockholder or by the counterparty.

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