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New Zealand has secured oil reserves for 2012 that ensure the country will continue to meet its international obligations, Energy and Resources Minister Phil Heatley announced today.
“As a member of the International Energy Agency, New Zealand is required to hold 90-days of stock of the previous year’s net oil imports,” says Mr Heatley.
“New Zealand's total 90-day obligation for 2012 is 1.1 million tonnes. The majority of these reserves are commercial stocks held by companies in the oil and gas sector,” says Mr Heatley.
- Phil Heatley
- Energy and Resources