Artikel 6

1. The Competent Authority of Australia shall seek advice from the Competent Authority of the Netherlands as to any applicable thresholds of oil stocks to contract on an annual basis.
2. The Competent Authority of Australia shall notify the Competent Authority of the Netherlands of any oil stocks contracts concluded under Article 5 of this Agreement, for the purpose of seeking the Competent Authority of the Netherlands’ approval for the oil stocks contracts. This notification shall be provided at least one (1) month before the commencement of the term of any such oil stocks contract and shall include the following information:
a) the name and address of the entity with whom the contract is in place;
b) the nature and quantity of the oil stocks subject to the contract;
c) the period for which the oil stocks are to be held; and
d) the location of the depot(s) where the oil stocks are to be held.
3. The Competent Authority of the Netherlands’ shall notify the Competent Authority of Australia whether or not it approves an oil stocks contract notified under Article 6 (2) of this Agreement no later than two (2) weeks before the start of the term of the oil stocks contract in respect of which approval was sought.
4. The Competent Authority of Australia shall notify the Competent Authority of the Netherlands if there is any significant change in the information supplied in accordance with Article 6 (2) of this Agreement.
5. The Competent Authority of the Netherlands has the right to withdraw its approval for an oil stocks contract if it identifies any significant inaccuracy in the particulars provided to it under Article 6 (2) of this Agreement, subject to the terms of this paragraph. Before withdrawing an approval under this provision, the Competent Authority of the Netherlands shall inform the Competent Authority of Australia of its intention to withdraw its approval in respect of an oil stocks contract and afford the entity with the stockholding obligation, and which had detailed the particulars, a reasonable opportunity to rectify the inaccuracy identified. If the inaccuracy is so rectified, the Competent Authority of the Netherlands shall not withdraw its approval in respect of the oil stocks contract.
6. Notwithstanding the time limits indicated in Article 6 (2) and (3) and Article 8 (2) of this Agreement, the Competent Authorities may, if required by particular circumstances, mutually decide to vary any or all of those time limits.