Article
1
For the purposes of this Agreement:
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a)
‘‘competent authority’’ means the Governmental authority of each Contracting Party responsible for supervising the fulfilment by undertakings of stock obligations;
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b)
‘‘stock’’ means any stock of crude oil or petroleum products (including blending and finished products) covered by the Directive;
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c)
‘‘stock obligation’’ means the overall quantity of stock required to be held under national law;
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d)
‘‘supply crisis’’ in this agreement shall have the same meaning as in Article 6, paragraph 2, of the Directive;
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e)
‘‘territory’’ means the area within the European Union over which each Contracting Party exercises jurisdiction and in respect of the Kingdom of Denmark the Faroe Islands and Greenland are not included;
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f)
‘‘undertaking’’ means any undertaking, body or entity, established in the territory of one Contracting Party which holds stocks for the purpose of facilitating compliance, whether by that undertaking or a third party, with the law relating to oil stockholding obligations of that or the other Contracting Party.