10 Apr 2013

International ticket contracts meet NZ's oil obligations

9:43 am on 10 April 2013

New Zealand has secured ticket contracts from Japan and the Netherlands to help meet its international oil stockholding obligations for 2013-2014.

As a member of the International Energy Agency, New Zealand is required to hold 90 days worth of stock, measured on the previous year's net oil imports, should there be international disruption of oil markets.

New Zealand currently meets its obligation through a combination of indigenous production, domestic inventories and ticket contracts.