ASEVA (Agence de Stockage Energétique – Energie Voorraden Agentschap – Energy stocks agency) is Belgium’s public limited company that manages the security oil stocks which Belgium needs to hold in order to comply with the EU Directive 2009/119/EU and the obligations of the International Energy Agency.
Moreover, in application of the law of 21 December 2023, ASEVA may, upon decision by the federal government, manage additional strategic energy stocks
General info
The agency was founded by law in January 2006 as APETRA, became operational on April 1st 2007 and is since April 1st 2012 the sole manager of the Belgian security oil stocks. APETRA was renamed ASEVA by the Law of December 21st 2023, broadening its potential scope toward additional strategic energy stocks
ASEVA’s legal tasks consist in:
- holding and managing the security oil stocks and additional strategic energy stocks;
- preparing an effective and efficient management of the oil and additional strategic stocks in case of an energy crisis, including the swift and organised injection of its stocks into the market.
- contributing, in support of the competent authorities, to the management of an energy crisis;
- providing expert advice to the competent authorities in defining an effective and efficient storage strategy.
The Law imposes strict quality and availability criteria upon the strategic oil and energy stocks.. It forms the legal backbone of ASEVA and fixes its institutional clauses.
ASEVA’s functioning and the management of the oil security stocks are funded by means of a contribution payable on major oil products put into consumption. In case ASEVA would manage additional strategic stocks, these would be funded by a separate contribution.
ASEVA’s sole shareholder is the Belgian federal State with the Energy Minister acting as its General assembly. ASEVA’s board of directors consist of representatives from the government and the oil (storage) sector. The daily management is undertaken by a Director and staff.
The control of the agency’s financial situation is confided to a college of auditors, counting two members of which one is the Court of Audit. The Court of Audit yearly draws up a report on the execution of the tasks of public service for the information of Parliament.
Stockholding obligation
Belgium needs to hold strategic oil stocks following the European Directive 2009/119/EC and the International Energy Programme of the International Energy Agency.
How much strategic oil reserves ASEVA annually needs to manage at minimum depends on the Belgian net imports of crude oil and oil products in the previous year.
The 2023 national stockholding obligation, which is valid until 30/6/2024, amounts to some 3,3 million tons crude oil-equivalent.
For more details: see Stock Management
Stocks managed
These oil stocks consist mainly of stocks owned by ASEVA and are stored in storage facilities in Belgium and the neighbouring countries. The repatriation of these stocks located abroad is guaranteed by treaties between Belgium and the other EU Member states.
To a limited extent the compulsory oil stocks equally consist of stocks from the oil industry which ASEVA reserves by means of ticket contracts. These contracts give ASEVA in case of a crisis the right to buy the underlying oil products.
For more details: see Stock Management
Crisis
The strategic stocks are our nest egg in case of an oil or energy crisis. They are part of the range of emergency instruments that the government can use when a national oil or energy supply crisis should occur.
The oil stocks can also be employed at the demand of the international community for the benefit of other member states of the European Union or the International Energy Agency.
ASEVA’s role in that case is to inject the stocks that it manages as highly in the distribution chain as possible.
For more details: see Crisis Management