The situation in Spain
Total reserves and breakdown
Oil-based products
Spanish legislation sets minimum security stocks equivalent to 90 days of oil-based product consumption or sales (92 days from 1st January 2010), for each of the following three groups:
- Gasolines
- Medium distillates (Kerosene and Gas-oils)
- Fuel-oils
Raw materials, crude oil and semi-refined products are computed, according to their corresponding yield, within the above three groups.
The current level of strategic reserves to be set up and held by CORES and that of minimum security stocks to be held by liable parties are stated on CORES website, on the webpage “Days allocated for strategic stocks”.
From 31 December 2010, the strategic stocks owned by CORES must reach a minimum of 45 global days in the Spanish market, and 40 days by each liable party.
The following table publically shows a summary of the minimum security stocks for oil reserves:
Liquefied petroleum gas and natural gas
With regards to liquefied petroleum gases, the regulations state that the liable parties shall keep 20 days equivalent to their sales or consumption as minimum security stocks. Regarding natural gas, the new amendment made by Royal Decree 1766/2007 to Article 17 of Royal Decree 1716/2004, sets those minimum security stocks at 20 days.
There are no strategic reserves for liquefied petroleum gases or natural gases to be held directly by CORES.
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