By-laws and governing texts

SAGESS is a limited liability company with a Board of Directors subject to the provisions of the Business Code. Its exclusive purpose is to establish and maintain strategic oil reserves on behalf of CPSSP, including managing the CPSSP’s obligatory strategic reserves. Its statutes were approved by decree signed by the Prime Minister. It operates in France in a specific legislative and regulatory framework, under the tight control of the state. The importance of oil products and their impact on public security and national independence led to include in specific laws in 1992 the obligations of SAGESS. Today, a 2009 European directive is under implementation at national level: it must be definitively adopted before December 31, 2012.

Reference texts: background

Before the creation of SAGESS

• Law No. 92-1443 (4-Ib Art, 12 Art I, II and III)

Creation and mission of SAGESS

• Law 87-1060 of December 30, 1987
• Decrees 88-269 and 88-270 of March 22, 1988
• Article 3 II of Law No. 92-1443 of December 31, 1992

Original Articles of SAGESS and state control

• Decree No. 88-269 of March 22, 1988
• Decree No. 93-1442 of December 27, 1993
• Article 1655 quater of the CGI

Reference texts: basics of SAGESS / CPSSP

SAGESS By-laws

Convention between SAGESS and the CPSSP

Creation of the CPSSP and state control

• Oil law 92-1443 of December 31, 1992
• Article 8 of decree No. 93-132 of January 29, 1993

Relationship between SAGESS / CPSSP

• Article 3_II of the Law of December 31, 1992
• Article 9-b of decree No. 93-132 of January 29, 1993

Reference texts: specific regulations on strategic reserves

Method of assessing SAGESS reserves

• Article 41 of the statutes
• Article 1655 quater of the CGI in accordance with Article 5 of the oil law 92-1443 of December 31, 1992
• Article 2.3 of the agreement between CPSSP and SAGESS

How the French system operates

• Oil law 92-1443 of December 31, 1992 (Articles 2, 3 and 4)
• Decree No. 93-131 of January 29, 1993, as amended (Articles 1, 2, II and 4)
• Decree No. 93-132 of January 29, 1993

Safeguards, controls and sanctions

• Oil law 92-1443 of December 31, 1992 (Article 4-Ib, Article 12, I, II and III)

Obligation of strategic reserves in French territories

• Order of December 13, 1993

Obligation of strategic reserves in Europe

• European Directive n° 2009/119 of September 14, 2009