Oil stocks agreement signed with the Netherlands
3 Apr 2008
New Zealand and the Netherlands signed a treaty today which allows New Zealand to hold some of its emergency oil reserves in the Netherlands.
As a member of the International Energy Agency (IEA) New Zealand has an obligation to hold 90 days of emergency petroleum stocks. New Zealand's stocks are held under 'ticket' contracts, which provide the Government with an option to purchase petroleum in the event of an IEA-declared emergency.
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