As a member of the International Energy Agency (IEA) and a participant of the latter’s International Energy Program (IEP), and as a member state of the European Union (EU), Austria is obliged to hold minimum stocks in the form of compulsory emergency reserves (CERs). ELG fulfils these international commitments in its capacity as the Austrian central stockholding entity. Its mission, under the Erdölbevorratungsgesetz 2012 [Oil Stockholding Act 2012] is to hold sufficient stocks of crude oil, petroleum products, bio feedstocks and biofuels to ensure that Austria meets its obligations at all times.
ELG is a privately owned company that acts as a stockholder in the meaning of section 8 Oil Stockholding Act 2012. As such it assumes stockholding obligations on behalf of importers of crude oil, petroleum products, bio feedstocks and biofuels, thereby exempting them from those obligations.
The quantities of oil held by ELG and its contractual partners (approx. 2.7 million tonnes) are sufficient to keep Austria supplied for about 90 days in a crisis. Thanks to ELG the Austrian government has rapid and efficient access to large emergency stocks, going a long way to meeting its 90-day preparedness obligation.