Obligations
Oil-based products
The following parties are obliged by law to hold minimum security stocks: Operators authorised for the wholesale distribution of oil-based products in Spanish territory; any enterprise carrying out retail distribution of fuels not supplied by operators and consumers; of fuels for the share not supplied by wholesale operators or distributors.
Minimum security stocks equivalent to 92 days of sales or consumption are set by two ways:
- Setting up of minimum security stocks by liable parties, at the level previously stated under "Total reserves and breakdown".
- Setting up of strategic reserves by CORES, at the level previously stated under "Total reserves and breakdown".
The parties liable to maintain minimum security stocks may request from CORES an expansion to their coverage of strategic reserves by an amount equivalent to 35 additional days of their total maintenance obligations for minimum security stocks. Assignments strategic reserves available at the time for this purpose, shall be allocated under the following priority system:
1.- Operators without refining capacity.
2.- Operators without refining capacity in Spain but with refining capacity in the countries of the European Union with which a bilateral agreement (Italy, France and Portugal).
3.- Operators with refining capacity in Spain.
In certain circumstances, upon a finding by CORES compliance with certain requirements, retail outlets and consumers can choose to keep the Corporation on its own all the minimum safety stock to which they are bound.
At present, the distribution between maintaining strategic stocks and stocks by CORES minimum security to be directly obligated to maintain, is established by agreement of the Board of CORES, in execution of the Resolution of the Directorate General for energy and Mines, dated March 30, 2009. Thus CORES maintained at least for all entities, from April 1, 2009, at least 42 days of sales or consumption in the three product groups, namely auto and aviation gasoline, diesel automotive, other fuel oils, kerosene and other kerosene, and fuel oils. For its part, the obligors shall maintain the volumes necessary to complete the mandatory 92 days of total sales or consumption.
According to article 14.3 of Royal Decree 1716/2004, CORES maintained from October 1, 2009, for certain entities that he had requested, using the criteria of preference in the allocation created by this Article, 77 days of sales or consumption in the three product groups, while these remain obligated to complete the remaining days of required 92 days total.
Liquefied petroleum gas
Regarding liquefied petroleum gases, the following parties are liable to maintain minimum security stocks -20 days’ equivalent of their sales or consumption, authorised wholesale operators, retail distributors of liquefied petroleum gases in bulk and dealers of packaged LPG, both to the share not supplied by wholesale operators, and consumers to their consumption share not supplied by the same above.
Natural gas
In terms of security stocks of natural gas are required for their maintenance marketers and direct-market consumers who use the right of access and does not provide an authorized retailer.
The obligation is set on a specific number of days, depending on fixed sales during the previous fiscal year, according to implementation periods:
| ■ Strategic stocks (at all times): | 10 days |
| ■ Operating stocks (monthly average): | 2 days |
| ■ Operating stocks (average October): | 8 days |
| Total: 20 days |
Scheme of the obligation to maintain minimum security stocks of oil in Spain (as at December 31, 2010)
Minimum security stock obligations in Spain
CORES is not obliged to update the value of its reserves. All reserves are valued as per acquisition price. This notwithstanding, at the closing of financial year 2007, the market value doubled the book value of strategic reserves owned by this Corporation. See graph.
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