NZ secures oil reserved to meet international obligations
New Zealand has secured oil reserves for this year that ensure the country will continue to meet its international obligations, Energy and Resources Minister Gerry Brownlee says.
New Zealand has secured oil reserves for this year that ensure the country will continue to meet its international obligations, Energy and Resources Minister Gerry Brownlee says.
As a member of the International Energy Agency (IEA), New Zealand's 90-day reserve obligation is 1.2 million tonnes.
Mr Brownlee said today the need for additional oil reserves to meet targets had declined over the past five years as New Zealand's domestic production had increased.
Additional oil reserves have been secured through a global tender, with stocks held under contracts which allow the Government to purchase petrol in the event of an IEA-declared emergency.
NZPA
Wed, 19 Jan 2011
Wed, 19 Jan 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ secures oil reserved to meet international obligations
11667