Noel Dempsey (Meath, Fianna Fail)

The objective Deputy Durkan is trying to achieve in amendment No. 12 is already incorporated in the Bill in the objectives of NORA. The primary objective of the latter is to maintain oil reserves for the purpose of meeting Ireland's international oil stockholding obligations. As stated earlier in respect of amendment No. 11, NORA is not being given a role in respect of the internal market, which is free and liberalised. The Competition Authority is, as the Deputy observed, charged with dealing with that matter.

The acquisition of oil stocks by NORA must take account of its own financial resources, the costs involved and obtaining the best value for money at all times. The Bill proposes that NORA will continue to have responsibility for the holding and maintenance of oil reserves to allow Ireland to meet its international oil stockholding obligations. To achieve that, the objective for NORA will be to continue to build up oil stocks. It is in the best interests of the agency to ensure that it obtains value for money when purchasing oil. Amendment No. 12 could actually fetter the agency in respect of making such purchases. I accept that the latter is not the Deputy's intent but the suggested wording "in accordance with market indicators" is extremely imprecise. What he is seeking to achieve is already covered in the objectives of NORA, namely, obtaining the best value for money at all times.

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