In accordance with Article 46 of the Law on Compulsory Oil Reserves (“Official Gazette of the Republic of Macedonia” No. 144/14, 178/14, 199/15, 197/17 and 7/19 and (“Official Gazette of the Republic of North Macedonia” No.275/19 and 150/21 – hereinafter: LCOR), the existing Directorate for Compulsory Reserves of Oil and Oil Derivatives (DCOR) which was established pursuant to the Law on Compulsory Reserves of Oil and Oil Derivatives (Official Gazette of the Republic of Macedonia No. 84/08, 35/11, 84/12, 43/14 and 83/18 and (“Official Gazette of the Republic of North Macedonia” No. 101/19), with the day of commencement of the implementation of the LCOR on January 1, 2021, continued to function as the Macedonian Compulsory Oil Reserves Agency, i.e. from July 13, 2021 as the Compulsory Oil Reserves Agency (hereinafter: MACORA).
Compulsory oil reserves are established in order to provide a high level of security and safety in the supply of crude oil and /or oil derivatives in the Republic of North Macedonia, i.e. to provide conditions for intervention supply on the market with oil and oil derivatives, in case of disruption of the energy security of the state caused by disruptions in the supply of oil derivatives on a large scale.