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SAGESS joins the CSR group of public entreprises.

SAGESS has joined on march 21, 2013, the CSR group of Public entreprises. Can be found among the members of the CSR Group of the Public entreprises : La Banque de France, la Caisse des dépôts, le Chateau de Versailles, France Télévisions, Ineris, La Poste, Le Louvre, Pôle emploi, RATP et many other public enteprises.

SAGESS, Central Storage Entity for France

In the adoption of the European Directive on strategic oil reserves 2009/119/CE dated September 14, 2009, SAGESS has been officially nominated central storage entity for France. As a consequence, SAGESS is the only entity in France authorized to buy and sell strategic stocks.

This decision has been officially published by decree (N° 2012-1544, dated December 28, 2012).

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 rised again from 28.5% to 29.5%. At this date, any IEA overstock held by SAGESS will be zero.

Libyan oil exports halted

What impact did the IEA’s decision to compensate for the shortage of Libyan exports have on SAGESS?

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