Corporación de Reservas
de Productos Petrolíferos

Public Law Corporation
under the aegis of the
Ministry for the
Ecological Transition and
the Demographic Challenge

Security of supply

The obligation to maintain stocks in order to cope with possible supply crises was initially applied in Spain in 1927 as a consequence of the country’s energy dependency. The stockholding obligation was progressively increased as a result of the international commitments assumed by Spain when it joined the International Energy Agency in 1974 and the European Union in 1986.

Spain has a mixed stockholding system in which responsibility for maintaining hydrocarbon stocks is shared between CORES and the industry. Temporarily, from 1st of April to 31st of December 2021, the 42 days’ worth of strategic reserves of liquid hydrocarbons maintained by CORES, will increase to 50 days. Consequently, the number of days of minimum-security obligation that the obligated subjects have to maintain is proportionally reduced to 42 days.

Since its creation in 1995 CORES has contributed to ensuring the security of supply for hydrocarbons in Spain by holding petroleum product stocks and controlling the stocks of petroleum products, liquid petroleum gases (LPG) and natural gas maintained by the industry. Moreover, it monitors natural gas supplies to ensure that no single country of origin provides more than the legal percentage established.

It is obligatory in Spain to maintain minimum security stocks of petroleum products (emergency stocks) equivalent to 92 days of consumption. CORES shares this stockholding obligation with the industry.
In the case of the liquid petroleum gases sector, there is an obligation to maintain minimum stocks of 20 equivalent days of consumption, which must be maintained wholly by the industry.
There is an obligation to maintain minimum stocks of 20 equivalent days of confirmed natural gas sales, which must be maintained wholly by the industry.
Spain holds reserves belonging to other states, which requires a bilateral agreement between Spain and the interested country.