13Designated quantity of MSO product

13 Designated quantity of MSO product

Main case (1) For the purposes of section 7, the quantity of stocks of an MSO product designated for an entity on an obligation day is the quantity specified in the notice in force for the obligation day that was given to the entity in relation to the product under section 10, 15 or 18. Obligation reduced, assumed or divided (2) The quantity of stocks of a product for an entity under subsection (1) is increased or decreased in accordance with the effect specified in any instrument made under section 16A or 37.

Note: See subsection 16A(4) in relation to the interaction between an instrument made under section 16A and a notice given under section 18.

(3) The reference in subsection (1) to a notice given to an entity in relation to a product under section 10, 15 or 18 includes a reference to a notice taken to have been given to the entity in accordance with a determination made under section 37.

14 Target number of days for stockholding

(1) The Minister must, by notifiable instrument, declare a target number of days for the purposes of the minimum stockholding obligation.

(2) The target number of days may be different for different MSO activities and MSO products.

(3) In declaring the target number of days, the Minister must have regard to:

(a) the emergency reserve commitment within the meaning of Article 2 of the International Energy Agreement; and
(b) the objects of this Act; and
(c) any other matter the Minister considers relevant.

(4) Any rules made for the purposes of subsections 10(3), 15(3) and 16(3) must provide for the target number of days declared under subsection (1) of this section to be taken into account in determining the quantity or expected quantity of stocks of an MSO product.

15 Notice of quantity of MSO product

(1) If, at the start of a notice window, an entity is subject to the minimum stockholding obligation in relation to an MSO product, the Secretary must, before the end of the notice window, give the entity a written notice in accordance with this section. (2) The notice must specify the quantity (in megalitres) of stocks of the product the entity must hold on the obligation days for which the notice is in force.

Note: A decision to specify a particular quantity of the product is a reviewable decision and reasons and notice of review rights must be given (see sections 72 and 73).

(3) The Secretary must determine the quantity in accordance with the rules.

Note: See also subsection 14(4).

(4) The notice is in force for obligation days that occur in the period: (a) starting on the day specified in the notice as the day the notice comes into force (which must be at least 3 months after the day the notice is given); and (b) ending on the day before another notice given to the entity in relation to the product under this section comes into force.