Artikel 2

1. The primary objective of this Agreement is to enable the Government of Australia to fulfil its obligation to maintain emergency oil reserves equal to ninety (90) days of net oil imports pursuant to Article 2 (2) of the IEP Agreement.
2. This Agreement shall enable an Australian entity or the Competent Authority of Australia to hold oil stocks in the territory of the Netherlands under commercial oil stocks contracts, those oil stocks to be credited towards Australia’s emergency reserve commitment for the purpose of satisfying its obligation to maintain emergency oil reserves equal to ninety (90) days of net oil imports, pursuant to Articles 2 and 3 of the IEP Agreement and Article 3 of the Annex to the IEP Agreement.
3. Oil stocks to which this Agreement applies may be held:
a) directly by the Competent Authority in Australia; or
b) by an Australian entity; or
c) by an entity holding oil stocks in the Netherlands, on behalf of the Competent Authority in Australia.
4. For the avoidance of doubt regarding the Parties’ IEP reporting obligations in relation to oil stocks held in the Netherlands, approvals made under Article 6 of this Agreement shall constitute the formal record of oil stocks held in the Netherlands which are subject to oil stocks contracts with the Competent Authority of Australia, or with an entity described in Article 2(3) of this Agreement, and to which this Agreement applies.