O S P A  
 
 
Annual Report
Management and Audit
Statute
Company Details
1. General provisions

1.1 The business name of the public limited company is AS Eesti Vedelk├╝tusevaru Agentuur, hereinafter referred to as - Agency. The English translation of the business name of the public limited company is Estonian Oil Stockpiling Agency, OSPA - abbreviation.

1.2 The seat of the Agency is in Tallinn

1.3 The Agency is a legal entity governed by private law which has share capital divided into public limited company shares.

1.4 The Agency shall be liable for the performance of its obligations with all of its assets; the Agency shall not liable for the performance of its shareholders.

1.5 In its activities the Agency shall adhere to the Constitution of the Republic of Estonia, the Liquid Fuel Stocks Act, the Commercial Code and other legislation, international agreements, the Statute of the Agency and the decisions of the directing bodies.

1.6 The Agency shall perform the obligations provided by the Liquid Fuel Stocks Act and perform all related operations.

1.7 The fields of activity of the Agency are as follows:

  • establishment, maintenance and holding of the compulsoryoil stocks of the Republic of Estonia and organisation of replenishment thereof pursuant to the Liquid Fuel Stocks Act;
  • purchase of oil stocks, sales of oil from stocks and organisation of warehousing theoil reserve;
  • analysing the situation of provision of the state with oil and related difficulties in supply;
  • organisation of the usage of theoil stocks in the event of difficulties in supply;
  • cooperation withoil traders and theoil stock organisations of other countries.

1.8 The Agency shall form a legal reserve of no less than 1/10th of share capital out of the net profit. At least 1/20th of the net profit shall be transferred to the legal reserve each financial year. If the legal reserve reaches the level prescribed in the Statute, the increase of the legal reserve out of the net profit will be stopped.