No L 5/12 - Official Journal of the European Comrnunities 10. 1. 92 COMMISSION REGULATION (EEC) No 46/92 ‘ of 9 January 1992 on olive oil storage contracts for the 1991/92 marketing year THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, Having regard to Council Regulation No 136/66/EEC of 22 September 1966 on the establishment of a common organization of the market in oils and fats('), as last amended by Regulation (EEC) No 1720/91 (3, and in particular Article 20d (3) and (4) thereof, Whereas Article 20d (3) of Regulation No 136/66/EEC provides that, when certain conditions are met, a decision may be taken that producer groups and associations recognized pursuant to Council Regulation (EEC) No 1360/78 (*) may conclude storage contracts for olive oil ; whereas the market situation during the first month of the 1991/92 marketing year has been such that the condi- tions laid down by Commission Regulation (EEC) No 314/88(*) are met; whereas permission to conclude storage contracts should therefore be granted for the 1987/88 marketing year; » Whereas the aim behind private storage contracts is temporary withdrawal of products from a market in im- balance, without change of ownership, so that they can be put on the market again when the situation has returned to normal ; whereas it should therefore be specified that storage contracts may be entered into only for olive oil produced during the current marketing year; Whereas only recognized groups and associations may be authorized to store oil produced by their members; whereas in order to enable them to refrain from marketing the oil that they hold aid should be granted ; Whereas the aim behind private storage must be the improved marketing of olive oil; whereas the period during which storage contracts may be concluded should therefore be restricted ; whereas, moreover, the offering of oil for intervention on expiry of the storage contract () OJ No 172, 30. 9. 1966, p. 3025/66. ) O No L 162, 26. 6. 1991, p. 27. () O No L 166, 23. 6. 1978, p. 1. () OJ No L 31, 3. 2. 1988, p. 16. should be discouraged ; whereas it is accordingly desirable to reduce the storage aid if the oil is subsequently offered for intervention ; Whereas it is desirable to specify that entitlement for a storage contract is annulled by the acceptance of an export declaration ; Whereas the Management Committee for Oils and Fats has not delivered an opinion within the time limit set by its chairman, HAS ADOPTED THIS REGULATION : Article 1 The intervention agencies in the producer Member States shall conclude olive-oil storage contracts for the 1991/92 marketing year as provided for in this Regulation. Article 2 1.  Storage contracts (hereinafter called ‘contracts’) shall be concluded only with recognized groups or associations ~ within the meaning of Regulation (EEC) No 1360/78 which hold olive oil of Community origin produced by their own members and which have appropriate storage facilities at their disposal. 2. Contracts shall relate only to olive-oil qualities that may be offered for intervention and to lots of at least 100 tonnes net of the same quality. In Portugal, however the minimum size of lots shall be 25 tonnes. 3.  Contracts shall be concluded for a period of 60 days. They shall be automatically renewed for 60-day periods if the party concerned does not, before expiry of the period, ask the intervention agency to cancel the contract, always provided that the new expiry date is not later than 31 October 1992 and, except where the possibility of con- cluding new contracts or renewing them is suspended, as provided for in Regulation (EEC) No 314/88. 4. The maximum quantity that may be covered by contacts at any oné time during the 1991/92 marketing year shall be 200 000 tonnes.