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.
The provision of funds for establishment, maintenance and renewal of the compulsory oil reserves, as well as the activities and work of MACORA is governed by the Chapter V, Articles 31-33 of the Law on Compulsory Oil Reserves.
Mission: Establishing compulsory oil reserves at least up to the minimum quantities prescribed by law, their storage, renewal and their management, i.e. the compulsory reserves shall be formed gradually, in order to ensure that the total compulsory reserves held at all times in the Republic of North Macedonia correspond to at least 90 days of average daily net imports or 61 days of average daily inland consumption in the previous calendar year, depending on whichever of the two specified quantities is greater.
Vision: Considering the importance of strengthening the security of supply of crude oil and oil derivatives, in order to avoid any interference in the operation of the internal market and in order to maintain a high level of security of supply of oil derivatives in the country, compulsory oil reserves should provide stability and security on the market, through reliable and transparent mechanisms which are in accordance with the principles of the internal market and competition and in accordance with EU Directives on oil reserves.