The activities performed by CORES, defined in article 23 of Royal Decree 1716/2004, are focused on the areas of hydrocarbon supply security and serving as an information resource in the sector.
CORES and security of hydrocarbon supply
Spain has a mixed stockholding system in which responsibility for holding hydrocarbon stocks is shared between CORES and the industry. CORES’ foremost activity is to constitute, maintain and manage strategic stocks of crude oil and oil products. Currently this is equivalent to at least 42 days of total national requirements, which are set at 92 equivalent days of consumption. Temporarily, from 1st of April to 31st of December 2021, the number of days will increase from 42 to 50.
Additionally, CORES monitors compliance with the obligation to hold minimum security stock levels of oil products, LPG and natural gas on the part of different industry players.
Finally, also with regard to security of supply, another activity sets CORES apart from other, similar European entities. CORES contributes to ensuring appropriate diversification of Spain’s natural gas supply, controlling the supply to ensure that no one country of origin provides more than 50%, in accordance with the current legal limit.
In the Security of Supply section, the Spanish model is explained in detail.
CORES as an information resource
As part of the legal obligation for the maintenance of minimum security stocks, sector operators are required to submit details of their activity on a monthly basis. CORES is the leading information resource for the hydrocarbon sector in Spain and provides official statistics to different organisations, contributing official data to various chapters of the National Statistics Plan. This activity is different from those performed by other European entities similar to CORES, as its work controlling the diversification of natural gas suppliers.
These actions are reflected in the regular updating of its website with different statistics, publications and reports, making CORES a benchmark for sector information. Check here how the Corporation prepares its statistics and publications.
Moreover, CORES acts as a consultancy, collaborating with various government administrations to provide information and advice.
CORES as a benchmark player in the sector
In 25 years of existence, CORES has positioned itself as an active player in the hydrocarbon sector, providing technical support to the Ministry for the Ecological Transition and the Demographic Challenge, participating regularly in different forums and work groups on a national and international level, and contributing to promote the image of Spain as a model of efficiency and energy security. Check more information about this activity here.