Noel Dempsey (Meath, Fianna Fail)

NORA's function is to maintain strategic oil stocks in line with international stockholding obligations. While NORA purchases oil to meet them, it is not a commercial body and its core business is not trade in oil. The Irish oil industry is fully privatised, liberalised and deregulated and there is free entry into the market. It is not appropriate that NORA's role extend to monitoring the Irish oil market. That is a matter for the Competition Authority, whose powers include the examination of acquisitions and mergers. It is a statutorily independent body with a specific role to enforce Irish competition law. The authority's role is to ensure that the competition works well for the benefit of customers throughout the economy.

In that regard, the authority may, from time to time, seek specific information from public bodies and in such a situation, I assure the House, NORA is legally obliged to co-operate with the authority. CER is an independent body responsible for overseeing the liberalisation of Ireland's electricity and gas sector and has no role regarding the oil industry. I oppose the amendment on the basis that what the Deputy is trying to achieve is already present in the legislation and the obligations imposed on NORA.

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