CORES is a non-profit public corporation under the aegis of the Ministry for the Ecological Transition. It is a separate legal entity, operating under private law. Its framework for action derives from Law 34/1998 on the hydrocarbons sector and Royal Decree 1716/2004. In December 2013, CORES was appointed Central Stockholding Entity as defined in Directive 2009/119/EC.
CORES contributes to ensuring the security of the hydrocarbon supply in Spain through stockholding of petroleum products and control of the stocks held by the industry with regard to petroleum products, liquefied petroleum gases (LPG) and natural gas. Moreover, it has been the leading information resource in the hydrocarbon sector in Spain since its creation in 1995.
Additionally, CORES helps guarantee suitable diversification of natural gas supplies in Spain, controlling to ensure that supply origins do not exceed the legal percentage set for any one country.
In the event of an oil supply crisis, whether national or international, and under the supervision of the Ministry for the Ecological Transition, CORES would contribute to ensuring supply continuity, coordinating the flow of the petroleum product stock necessary to consumers.
The obligation to hold stocks to address possible supply crises was initially applied in Spain in 1927, and was progressively increased as a consequence of the international commitments assumed when Spain joined the International Energy Agency (IEA) in 1974 and the European Union in 1986.
During the petroleum monopoly in Spain in force from 1927 to 1992, the responsibility for petroleum product stockholding alternated between the industry, state-owned CAMPSA, and at times both of them, depending on the historical period. Currently in Spain, stockholding obligations are shared between CORES and the industry.
The International Energy Agency was created in 1974 after the oil crisis, as an independent agency within the OECD. Its mandate is to coordinate member country policies in the event the supply of crude oil and petroleum products, whether national or international, is interrupted. While Spain has been a member of the IEA since its inception, the European Union became a member of this agency once it was formed.
In summary, Spain, like all the other countries belonging to the European Union, has signed commitments to maintain petroleum product security stocks, as well as participating in collective actions in the event of a supply crisis, as both a member of the International Energy Agency and a member of the European Union.
CORES was created in 1995 after the petroleum monopoly in Spain was dissolved in 1992 as part of the oil sector liberalization process. Its main purpose was to build, maintain and manage strategic oil reserves, as well as monitoring the minimum security stocks maintained by the industry.
CORES was founded as a non-profit Public Law Corporation, an independent legal entity acting subject to private law. Its management structure includes representatives of the government as well as the oil and natural gas sector.
In Europe the creation of stockholding entities such as CORES, dedicated to the storage and management of strategic reserves, has been the model most frequently used to fulfil the international obligations regarding stockholding on a national level. In fact, Directive 2009/119/EC promotes the existence of this type of organisation as the most efficient system for maintaining and managing stocks from an operational, financial and security of supply standpoint.