Contents Section A: Background and General Information Australia is signatory to the International Energy Agency’s (IEA) Agreement on an International Energy Program (IEP Agreement), which requires its members (except net oil exporters) to hold oil stocks equivalent to 90 days of the previous year’s average daily net imports and contribute to a collective action if required. Historically, Australia has relied on commercial oil stock levels to meet the IEA’s stockholding requirement but declining domestic production and increased demand for liquid fuels has resulted in a greater reliance on imported stocks. Domestic stocks held for emergency use are no longer sufficient to meet the treaty obligation. The Australian Government seeks to purchase oil stock tickets (oil tickets) as part of its return to compliance. This Request for Tender (RFT) sets out the Department’s requirements and provides guidance on key parameters that apply to the submission of tenders in response to the RFT. Accordingly, the Department invites suitable entities that have been registered through the registration process set out in the Registration for Provision of Oil Stock Tickets for the Australian Government (Registration) run before this RFT to submit a tender to hold oil tickets for the Australian Government.
Contents Section A: Background and General Information Australia is signatory to the International Energy Agency’s (IEA) Agreement on an International Energy Program (IEP Agreement), which requires its members (except net oil exporters) to hold oil stocks equivalent to 90 days of the previous year’s average daily net imports and contribute to a collective action if required. Historically, Australia has relied on commercial oil stock levels to meet the IEA’s stockholding requirement but declining domestic production and increased demand for liquid fuels has resulted in a greater reliance on imported stocks. Domestic stocks held for emergency use are no longer sufficient to meet the treaty obligation. The Australian Government seeks to purchase oil stock tickets (oil tickets) as part of its return to compliance. This Request for Tender (RFT) sets out the Department’s requirements and provides guidance on key parameters that apply to the submission of tenders in response to the RFT. Accordingly, the Department invites suitable entities that have been registered through the registration process set out in the Registration for Provision of Oil Stock Tickets for the Australian Government (Registration) run before this RFT to submit a tender to hold oil tickets for the Australian Government.