- Range of the Standard:
- Ministerial Order
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- Hearing and public information
The days of strategic stocks of liquid hydrocarbons to be established, managed and maintained by CORES are modified, from April 1 to December 31, 2021, in accordance with the provisions of article 14 of Royal Decree 1716/2004, of 23 July, which regulates the obligation to maintain minimum security stocks, the diversification of natural gas supply and the corporation of strategic reserves of petroleum products.
Among the functions of the Corporation for Strategic Reserves of Petroleum Products (CORES), the one established in article 23.a) of Royal Decree 1716/2004, of July 23, which regulates the obligation to maintain minimum stocks of security, the diversification of natural gas supply and the Strategic Reserves Corporation for petroleum products, regarding the constitution, maintenance and management of strategic stocks of petroleum products, as a key action in the national system for guaranteeing the supply of petroleum products.
Article 50 of Law 34/1998, of October 7, establishes this reservation system, which, in relation to article 2 of Royal Decree 1716/2004, of July 23, develops a procedure for the constitution of reserves by the that the subjects defined in article 7 of the aforementioned royal decree are obliged to maintain minimum security stocks equivalent to 92 days of their sales or consumption of petroleum products in the previous calendar year.
Likewise, in accordance with the provisions of article 14 of the aforementioned royal decree, in relation to liquid hydrocarbon reserves, strategic stocks will be guaranteed to be constituted, maintained and managed by CORES, which will be computed in favor of each of the obligated subjects included in article 7 for at least 42 days out of the total 92 days of their obligation of minimum security stocks of each group of petroleum products, no strategic stocks being foreseen in the case of liquefied petroleum gases.
Additionally, said article provides that the Minister of Industry, Energy and Tourism, a statement that currently has to be understood as referring to the Minister for the Ecological Transition and the Demographic Challenge, may modify the previous number of days of strategic stocks that CORES must constitute obligatorily, depending on the evolution of the market and the availability of storage infrastructures by the Corporation.
The calculation of the security reserves, and, accordingly, of the strategic stocks to be constituted by CORES, is based on the volume of sales or consumption of the obligated subjects during the preceding calendar year, as indicated in the already mentioned article 2 of Royal Decree 1716/2004, of July 23.
The expansion of the COVID-19 pandemic in the current year 2020 has caused a drastic reduction in the sale and consumption of petroleum products, as a result of the decrease in mobility and economic activities caused by the containment measures implemented. Consequently, these 2020 sales or consumption levels will have the inevitable effect of a reduction in the volume of the obligation for strategic stocks of petroleum products to be managed and maintained by CORES as of April 1, 2021, the date from which they have been of constituting the aforementioned stocks based on the sales or consumption of the year 2020. Therefore, as of that date, an inevitable surplus will be generated in the volume of stocks currently managed by CORES.
In light of the foregoing, the need to temporarily increase until December 31, 2021 the number of 42 days of strategic liquid hydrocarbon stocks up to 50 days, and consequently, proportionally reduce the number of days of obligation to 42 days. of minimum security stocks that obliged subjects have to maintain by their own management to comply with the provisions of the aforementioned article 2.1 of Royal Decree 1716/2004, of July 23. The increase in days of strategic stocks, together with the other measures mentioned above to be undertaken by CORES, will optimize the costs of the maintenance system for minimum security stocks of petroleum products.
Deadline for submitting arguments from the day Wednesday, January 13, 2021 until the day Wednesday, February 3, 2021
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