What's happening ?

Increase in the storage obligation

As of July 1, 2012, as part of the new European directive, oil reserve obligations rose from 28.5% to 29.5% of the previous year’s inland consumption.

The implementation of the new European directive on oil reserves, adopted in June 2009, will have various impacts on SAGESS.

First of all, as of July 1, 2011, oil reserve obligations has risen from 27.0% to 28.5% of the previous year’s inland consumption. Secondly, in July 2012, it will rise again from 28.5% to 29.5%. At this date, any IEA overstock held by SAGESS will be zero.

This directive also implies a revision in the agreement between the CPSSP and SAGESS in order to reflect its role as the Central Storage Entity (CSE) as specified in the Directive. Finally, it will generally bring general European Union obligations closer to those of the IEA, particularly elements of definition of the obligation and the methodology for reserves accounting.

This fundamental subject and its impacts will be at the center of debates and activities for 2011 and 2012, within the framework of a close cooperation between the DGEC (Ministry of Energy) and the CPSSP.