Strategic Stock Keeping Applications in Turkey Compared to the EU
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1 Strategic Stock Keeping Applications in Turkey Compared to the EU Onat ANGI, Tank Storage Istanbul,
2 Outline Why Do We Need Strategic Stocks? IEA Regulations and Procedures Strategic Stock Regulations in the EU Examples From Different Applications Within the EU (the UK, Hungary, Belgium) Turkish Regulations And Application Suggestions for Turkey
3 Definition strategic stocks Comparatively large stock of essential goods or materials, built up to withstand long delays or scarcity due to natural calamities, strikes, or war.
4 Why Do We Need Strategic Stocks? In the case of crude oil, stocks play a significant role because OPEC supply is subject to cartel policy that sets quotas while Non-OPEC production is at capacity Oil prices directly and indirectly effect prices of other commodities & goods, thus, have grave impacts on macro economic balances (inflation, budget deficit, unemployment etc.)
5 Why Do We Need Strategic Stocks? Major Oil Supply Disruptions (IEA)
6 International Energy Agency IEA is an autonomous agency linked with the OECD. The European Commission also participates in the work of the IEA. Countries below are members of the Agency: Australia Austria Belgium Canada Czech Republic Denmark Finland France Germany Greece Hungary Ireland Italy Japan Republic of Korea Luxembourg The Netherlands New Zealand Norway Poland Portugal Slovak Republic Spain Sweden Switzerland Turkey United Kingdom United States
7 International Energy Agency The IEA emergency response mechanisms were set up under the 1974 Agreement on an International Energy Program (I.E.P. Agreement). The I.E.P. Agreement requires IEA member countries to hold oil stocks equivalent to at least 90 days of net oil imports and in the event of a major oil supply disruption; to release stocks, restrain demand, switch to other fuels, increase domestic production or share available oil, if necessary.
8 International Energy Agency
9 International Energy Agency
10 International Energy Agency IEA Collective Action in Response to Hurricane Katrina (2005)
11 Strategic Stock Regulations in the EU COUNCIL DIRECTIVE 2006/67/EC 90 days of the average daily internal consumption during the previous calendar year. The calculation of the daily internal consumption is based on gasoline, aviation fuel, gas oil, diesel oil, kerosene and jet-fuel and fuel oils Member States who have their own petroleum production may deduct this proportionally from their stock-holding obligation. (not to exceed 25% of the Member State s internal consumption) Stock-holding may rely on a system of partial or total delegation to a stockholding body or agency. MCs are free to choose the best option for themselves Member States ensure transparency of the stock-holding arrangements and make sure that fair, non-discriminatory conditions are applied
12 Strategic Stock Regulations in the EU Resources counted as strategic stocks; supplies held in ports of discharge, on board oil tankers in port for the purpose of discharging, supplies held in tanks at the entry to oil pipelines those held in refinery tanks. Resources NOT counted as strategic stocks; crude oil not yet extracted, supplies intended for the bunkers of sea-going vessels, supplies in pipelines, in road tankers or rail tank-wagons, oil in the storage tanks of retail outlets oil held by small consumers, quantities held by or for the armed forces
13 Strategic Stock Regulations in the EU COUNCIL DIRECTIVE 2009/119/EC HIGHLIGHTS (Valid from ) 90 days of average daily net imports or 61 days of average daily inland consumption, whichever of the two quantities is greater. Procedures & Restrictions on consumption. A Central stockholding entity (CSE) responsible for acquisition and management of the stocks to be set up A Register will established (location, owner of terminals, the quantities of stocks etc) So-called specific stocks to be kept by the MS or the CSE Biofuels and additives will be counted in strategic stocks
14 Belgium (Agency/Industry) The national strategic stocks are maintained by the major companies (in the form of operational stocks) and by APETRA. During the 5 years following APETRA's creation the companies' individual stockholding obligation will gradually diminish from 15 days' stocks above the threshold quantity of tons to nil above the threshold at a rhythm of 3 days per year. APETRA will, at the expiry of this period, be managing all the strategic stocks. After five working years APETRA has at the most 50% of the stocks of road diesel, heating oil and kerosene in property APETRA can opt to store a part of the stocks which it manages abroad. The maximum percentage abroad is in principle 30%. All stocks managed by APETRA are to be stored in so-called eligible depots. These depots have a minimum capacity of m3 and have to meet certain requirements as to availability and accessibility.
15 Belgium (Agency/Industry) For the quarter of 1 October December 2010 the contribution for the purchase of tickets with APETRA will, for contracts with a duration of at least 3 months, be: cat I (Gasoline): 4,09 euro/ton/month; cat II (Gasoil, diesel, jet, kero): 3,80 euro/ton/month; cat III (heavy fuels): 2,79 euro/ton/month For contracts with a duration of less than three months a surplus of 20% will be charged.
16 Hungary (Agency) Hungary holds public stocks: The Hydrocarbon Stockpiling Association (MSZKSZ). Independent not-for-profit company. It is financed by compulsory membership of all crude and oil product importers in Hungary: membership levies are proportionate to the percentage of oil the company imports. One-third of the stocks are required to be kept in crude oil and two thirds in the form of petroleum products. Compulsory oil stocks are owned by the MSZKSZ. Can be stored either in MSZKSZ-owned or co-owned storage tanks, or in capacity rented from the domestic market.
17 UK (Industry) All oil products suppliers to the UK which has sales over MT shall keep strategic stocks Being an oil producing country the UK keeps 67,5 days of stocks (as per DIRECTIVE 2006/67/EC) Refiners shall keep their stocks at that level (67,5 days) while other entities are obliged to keep 48,5 days
18 Chech Republic (State) ASMR (Administration of State Material Reserves) is responsible of coordination of strategic stocks not only in oil but all strategic commodities Stocks are financed by state budget and kept within the country Crude stocks are kept by state-owned MERO in facilities connected to Druzhba Pipeline Products are kept by state-owned CEPRO in 17 different locations National Emergency Stock Organisation consists of Oil Security Divison of ASMR, Ministry of Industry and Trade, The Chech Statistical Office, other ministries and inductry
19 Strategic Stock Regulation inturkey The petroleum market in Turkey has been restructured as a consequence of the enactment of the Petroleum Market Law (PML) No: 5015 on PML regulates the market activities regarding petroleum starting from the crude oil supplied from foreign resources or produced domestically and supplied to the consumers as products (Downstream activities). PML has entrusted in EMRA the duty, authority and responsibility for guidance, regulation, surveillance and supervision of the petroleum market.
20 EMRA Compulsory Stock Regulations Petroleum Stocks Oil Law 5015 Article 16. Liquid fuel and LPG distribution licensees 20 days amount of the total stock, In addition, eligible consumers is obliged to stock an amount in their storage to meet 15-days of their consumption The supplementary portion of the national petroleum stock shall be retained by refining undertakings and funded by income fee added to consumer prices (determined by the Board at a maximum of 10 US Dollars/ton) STRATEGIC STOCK FEE (Collected by refiners)
21 EMRA Compulsory Stock Regulations Strategic Stocks Agency Oil Law 5015 Article 16. Board of Ministers is authorized to set the rules of Strategic Stocks (days of obligation, release of stocks, procurement of stocks etc.) Strategic Stocks Agency (SSA) to be established as per the Law. Members to include; National Defense Ministry, Ministry of Treasury and some other Ministries and State Representatives (No Industry Participation)
22 EMRA Compulsory Stock Regulations Strategic Stock Fee (Gelir Payi) Converted Gasoline 1,5TL/MT 1,16TL/cbm 1,32TL/cbm Kerosene & Jet 1,5TL/MT 1,22TL/cbm 1,29TL/cbm Gasoil & Biodiesel 1,5TL/MT 1,27TL/cbm 1,27TL/cbm Fuel Oil 1,5TL/MT 1,5TL/MT 1,42TL/MT
23 EMRA Compulsory Stock Regulations Turkish Domestic Consumption / 06 Gasoline Kerosene & Jet Gasoil & Biodiesel Fuel Oil Fuel Oil in.000 MT, others in.000 cbm Source: PETDER
24 EMRA Compulsory Stock Regulations Funds Collected* (as of 2010/06) / 06 TOTAL Gasoline Kerosene & Jet Gasoil & Biodiesel Fuel Oil TOTAL (in.000trl) * Not offical figures. Based on some assumptions.
25 Compulsory Stock Requirements 90 days obligation (2009, in MT) : 4,4 m MT Distributors obligation (2009, in MT) : 1,0 mio MT Supplementary Stock (2009, in MT) : 3,4 mio MT Total bonded storage capacity licensed by EMRA: 3,5 mio cbm Total storage capacity licensed by EMRA: 4,2 mio cbm Refinery Storage Capacity: 5,4 mio cbm Independent Storage Capacity: 1,5 mio cbm Source: PETDER, EPDK, TankStorage Istanbul 2009 Presentations (Habbab, Metin)
26 Application & Problems in Turkey Turkish authorities require that emergency oil stocks be held domestically. Turkey has no bilateral agreements with other countries. Strategic Stock Agency (SSA) to be established Heavy fines are imposed to Companies which fails to keep necessary strategic stocks (28,2 mio TL for stock obligations of year 2006 to 47 companies; number of license holders was around 50 at that time!!!)
27 Application & Problems in Turkey Due to heavy burden of taxes in Turkey most of the stocks are kept in bonded warehouses. Otherwise hard and expensive to finance Market is immature and new players have hard times to finance 20 days of stocks combined with MT of annual clean product sale obligation (min 3300 MT stock for new entrants) Small players cannot hedge and mitigate price risk Companies with access to hedging tools are happy during contango, what about backwardation?
28 Suggestions for Turkey - Industry shall be furnished with proper finance and hedging tools - Incentives first, then tighter inspections and punishment - Annual volumes under MTs may be exempted (the UK and Belgium examples) - Strategic Stock Agency shall be set up ASAP; rules shall be clear and fair - SSA may cooperate with the industry to build/rent out capacity & keep stocks
29 SOIL Soil (Siyam Petrolculuk AS) is an EMRA licenced distribution company with 275 retail stations. 8th largest fuel importer in Turkey as per EMRA 2009 Report. Owns and operates cbm Mersin oil terminal since One of the most active storage facilities in Mersin. Owns m2 land in Giresun ready to build an oil terminal.
30 AVES Internationally known trading house, active in gasoil, diesel and crude sunflower seed oil markets Recently comissioned cbm oil storage and cbm vegoil storage terminal in Mersin. Applied to Ministry of Industry and Trade to build 1 m cbm oil terminal in Ceyhan in Application pending.
31 SAVKA The first and only offshore jetty in Turkish Med. Able to accomodate 2 Aframax vessels simultaneously. State-of-the-art Safety, Security and Environment protection features. Serves to Aves & Soil & Kadoil Terminals with 7 pipelines.
32 NUSTAR Publicly traded, limited partnership based in San Antonio 8,417 miles of crude oil and refined product pipelines 89 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids Two asphalt refineries with a combined throughput capacity of 104,000 barrels per day. The partnership s combined system has over 93 million barrels of storage capacity. One of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation, NuStar has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. Now, in Turkey with Soil and Aves
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