Michael McGrath (Cork South Central, Fianna Fail)
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795. To ask the Minister for Communications, Energy and Natural Resources the amount raised by the National Oil Reserves Agency levy in each year from 2010 to 2015; his views on whether the current two cent per litre level is still appropriate; if he has given consideration to reducing the amount of the levy; and if he will make a statement on the matter. [22433/16]

Denis Naughten (Roscommon-Galway, Independent)
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The information requested in relation to NORA Levy income is set out as follows:

NORA’s levy income (rounded figures):

2015€130m

2014€121m

2013€123m

2012€123m

2011€130m

2010€140m

While NORA is a non-commercial body it operates in a highly commercial environment purchasing oil stocks and negotiating storage arrangements. The Agency’s debt is accounted for on the Government balance sheet. NORA’s debt has been reduced to €63m by end December 2015 following €48m in capital repayments during 2015.  This is reduced from a debt figure of over €400m which NORA owed in 2009 when the levy was increased to 2 cent per litre.  It is intended to maintain the NORA levy at the current level until the loans are fully repaid at which time the situation will be reviewed.

NORA’s income is primarily used to fund the purchase of strategic oil stocks and to repay loans.  The Agency’s cash reserves will be used in 2016 for storage projects, stock purchases and loan repayments.