Erdöl-Lagergesellschaft m.b.H. (ELG) is Austria’s central stockholding entity. As such it plays a major part in fulfilling the country’s 90-day oil stockholding commitment – and thus maintaining energy supply security during emergencies.
The legal basis of the company’s activities is the Erdölbevorratungsgesetz 2012 [Oil Stockholding Act 2012]which requires the holding of minimum stocks corresponding to 90 days’ average net imports. This is achieved by obliging importers of crude oil, petroleum products, bio feedstocks and biofuels to hold stocks equivalent to 25% of their imports during the previous year as compulsory emergency reserves (CERs), ng on July 1 of each year.
The Oil Stockholding Act 2012 was published on March 21, 2020 with Federal Law Journal No. BGBl. I No. 17/2020 and thus entered into force on March 22, 2020.
Particular reference may be made to the postponement of the start of the stockholding period by three months from 1 April to 1 July and the transitional provisions of Section 30(4) and (5) of the Oil Stockholding Act 2012.