Purchase and sales

The Netherlands is contributing to the International Energy Agency (IEA) collective action to make additional oil stocks available to the market. In this context, the Minister for Climate and Green Growth (KGG) has instructed COVA to make gasoline, diesel and HVO available. This effort is part of the Dutch contribution to the collective action to support the oil market. To date, approximately 73% of the Dutch contribution to the IEA collective action has been committed.

In this tranche, COVA has offered ~ 45 kt of gasoline, ~ 50 kt of diesel, and ~ 10 kt of HVO via tenders. This made strategic stocks, normally held outside the market, available to market parties as additional supply.

In addition to this release, other logistical operations involving COVA stocks will take place in the coming months as part of regular business operations. These operations are separate from the Dutch contribution to the IEA collective action. Two operations were already contracted prior to the conflict in the Strait of Hormuz. Therefore, it can be assumed that these operations have been incorporated into the market supply and should not lead to further tightening. These concern:

• Delivery to COVA of diesel to a terminal in Ireland.
• Delivery to COVA of gasoline into a cavern in Northern Germany.

Furthermore, COVA prepares a relocation/refreshment of 60 kt Jet fuel from a terminal in the ARA region to a terminal in Ireland. This operation will be carried out within a few weeks and, with equal loading/delivery quantities, will not be market-distorting.

There are currently no open tenders.