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Art.10 |
Article 10 |
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Art.10.1 |
1. The objectives of the Program shall include ensuring fair treatment for all Participating Countries and basing the price for allocated oil on the price conditions prevailing for comparable commercial transactions. |
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Art.10.2 |
2. Questions relating to the price of oil allocated during an emergency shall be examined by the Standing Group on Emergency Questions. |
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Art.11 |
Article 11 |
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Art.11.1 |
1. It is not an objective of the Program to seek to increase, in an emergency, the share of world oil supply that the group had under normal market conditions. Historical oil trade patterns should be preserved as far as is reasonable, and due account should be taken of the position of individual non-participating countries. |
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Art.11.2 |
2. In order to maintain the principles set out in paragraph l, the Management Committee shall make proposals, as appropriate, to the Governing Board, which, acting by majority, shall decide on such proposals. |
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Chapt.4 |
Chapter IV |
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Art.19 |
Article 19 |
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Art.19.1 |
1. The Secretariat shall make a finding when a reduction of oil supplies as mentioned in Article 13, 14 or 17 has occurred or can reasonably be expected to occur, and shall establish the amount of the reduction or expected reduction for each Participating Country and for the group. The Secretariat shall keep the Management Committee informed of its deliberations, and shall immediately report its finding to the members of the Committee and inform the Participating Countries thereof. The report shall include information on the nature of the reduction. |
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Art.19.2 |
2. Within 48 hours of the Secretariat's reporting a finding, the Committee shall meet to review the accuracy of the data compiled and the information provided. The Committee shall report to the Governing Board within a further 48 hours. The report shall set out the views expressed by the members of the Committee, including any views regarding the handling of the emergency. |
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Art.19.3 |
3. Within 48 hours of receiving the Management Committee's report, the Governing Board shall meet to review the finding of the Secretariat in the light of that report. The activation of emergency measures shall be considered confirmed and Participating Countries shall implement such measures within 15 days of such confirmation unless the Governing Board, acting by special majority, decides within a further 48 hours not to activate the emergency measures, to activate them only in part or to fix another time limit for their implementation. |
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Art.19.4 |
4. If, according to the finding of the Secretariat, the conditions of more than one of the Articles 14, 13 and 17 are fulfilled, any decision not to activate emergency measures shall be taken separately for each Article and in the above order. If the conditions in Article 17 are fulfilled with regard to more than one Participating Country any decision not to activate allocation shall be taken separately with respect to each Country. |
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Art.19.5 |
5. Decisions pursuant to paragraphs 3 and 4 may at any time be reversed by the Governing Board, acting by majority. |
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Art.19.6 |
6. In making its finding under this Article, the Secretariat shall consult with oil companies to obtain their views regarding the situation and the appropriateness of the measures to be taken. |
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Art.19.7 |
7. An international advisory board from the oil industry shall be convened, not later than the activation of emergency measures, to assist the Agency in ensuring the effective operation of such measures. |
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Art.25 |
Article 25 |
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Art.25.1 |
l. The Participating Countries shall establish an Information System consisting of two sections: |
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Art.25.1.ax |
-a General Section on the situation in the international oil market and activities of oil companies, |
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Art.25.1.bx |
#NAME? |
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Art.25.2 |
2. The System shall be operated on a permanent basis, both under normal conditions and during emergencies, and in a manner which ensures the confidentiality of the information made available. |
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Art.25.3 |
3. The Secretariat shall be responsible for the operation of the Information System and shall make the information compiled available to the Participating Countries. |
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Art.27 |
Article 27 |
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Art.27.1 |
1. Under the General Section of the Information System, the Participating Countries shall, on a regular basis, make available to the Secretariat information on the precise data identified in accordance with Article 29 on the following subjects relating to oil companies operating within their respective jurisdictions: |
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Art.27.1.a |
(a) Corporate structure; |
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Art.27.1.b |
(b) Financial structure, including balance sheets, profit and loss accounts, and taxes paid; |
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Art.27.1.c |
(c) Capital investments realised; |
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Art.27.1.d |
(d) Terms of arrangements for access to major sources of crude oil; |
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Art.27.1.e |
(e) Current rates of production and anticipated changes therein; |
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Art.27.1.f |
(f) Allocations of available crude supplies to affiliates and other customers (criteria and realisations); |
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Art.27.1.g |
(g) Stocks; |
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Art.27.1.h |
(h) Cost of crude oil and oil products; |
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Art.27.1.i |
(i) Prices, including transfer prices to affiliates; |
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Art.27.1.j |
(j) Other subjects, as decided by the Governing Board, acting by unanimity. |
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Art.27.2 |
2. Each Participating Country shall take appropriate measures to ensure that all oil companies operating within its jurisdiction make such information available to it as is necessary to fulfill its obligations under paragraph 1, taking into account such relevant information as is already available to the public or to Governments. |
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Art.27.3 |
3. Each Participating Country shall provide information on a non-proprietary basis and on a company and/ or country basis as appropriate, and in such a manner and degree as will not prejudice competition or conflict with the legal requirements of any Participating Country relating to competition. |
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Art.27.4 |
4. No Participating Country shall be entitled to obtain, through the General Section, any information on the activities of a company operating within its jurisdiction which could not be obtained by it from that company by application of its laws or through its institutions and customs if that company were operating solely within its jurisdiction. |
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Art.32 |
Article 32 |
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Art.32.1 |
1. Under the Special Section of the Information System, the Participating Countries shall make available to the Secretariat all information which is necessary to ensure the efficient operation of emergency measures. |
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Art.32.2 |
2. Each Participating Country shall take appropriate measures to ensure that all oil companies operating within its jurisdiction make such information available to it as is necessary to enable it to fulfill its obligations under paragraph 1 and under Article 33. |
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Art.32.3 |
3. The Secretariat shall, on the basis of this information and other information available, continuously survey the supply of oil to and the consumption of oil within the group and each Participating Country. |
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Art.37 |
Article 37 |
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Art.37.1 |
1. The Participating Countries shall establish within the Agency a permanent framework for consultation within which one or more Participating Countries may, in an appropriate manner, consult with and request information from individual oil companies on all important aspects of the oil industry, and within which the Participating Countries may share among themselves on a co-operative basis the results of such consultations. |
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Art.37.2 |
2. The framework for consultation shall be established under the auspices of the Standing Group on the Oil Market. |
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Art.37.3 |
3. Within 60 days of the first day of the provisional application of this Agreement, and as appropriate thereafter, the Standing Group on the Oil Market, after consultation with oil companies, shall submit a report to the Management Committee on the procedures for such consultations. The Management Committee shall review the report and make proposals to the Governing Board, which, within 30 days of the submission of the report to the Management Committee, and acting by majority, shall decide on such procedures. |
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Art.49 |
Article 49 |
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Art.49.1 |
1. The Agency shall have the following organs: |
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Art.49.1.ax |
#NAME? |
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Art.49.1.bx |
#NAME? |
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Art.49.1.cx |
#NAME? |
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Art.49.1.dx |
#NAME? |
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Art.49.1.ex |
#NAME? |
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Art.49.1.fx |
#NAME? |
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Art.49.2 |
2. The Governing Board or the Management Committee may, acting by majority, establish any other organ necessary for the implementation of the Program. |
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Art.49.3 |
3. The Agency shall have a Secretariat to assist the organs mentioned in paragraphs 1 and 2. |
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Art.53 |
Article 53 |
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Art.53.1 |
1. The Management Committee shall be composed of one or more senior representatives of the Government of each Participating Country. |
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Art.53.2 |
2. The Management Committee shall carry out the functions assigned to it in this Agreement and any other function delegated to it by the Governing Board. |
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Art.53.3 |
3. The Management Committee may examine and make proposals to the Governing Board, as appropriate, on any matter within the scope of this Agreement. |
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Art.53.4 |
4. The Management Committee shall be convened upon the request of any Participating Country. |
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Art.53.5 |
5. The Management Committee, acting by majority, shall elect its Chairman and Vice-Chairmen. |
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Art.54 |
Article 54 |
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Art.54.1 |
1. Each Standing Group shall be composed of one or more representatives of the Government of each Participating Country. |
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Art.54.2 |
2. The Management Committee, acting by majority, shall elect the Chairmen and Vice-Chairmen of the Standing Groups. |
