APETRA, Agence de Pétrole - Petroleum Agentschap, a public limited company with the federal State as sole shareholder, manages the Belgian security stocks. The agency was founded by the Law of 26 January 2006 (see 'Legislation') and is since April 1st 2012 the sole manager of these Belgian security stocks.
This management task comprises the following:
- purchase of crude oil and/or oil products;
- conclude contracts with registered companies and foreign companies concerning stocks put at its disposal, whereby APETRA has a purchase right to these products in case of a crisis;
- purchase, construction and/or rent of storage capacity to store the stocks that the agency buys.
APETRA and its functioning are funded by means of the so-called APETRA contribution, which is payable on major oil products put into consumption.
The control of its financial situation, annual accounts and the correctness of the transactions reported in the annual accounts in view of the legislation and APETRA's statutes is confided to a college of auditors, counting two members of which one is the Court of Audit. The Court of Audit yearly draws up a report on the execution of the tasks of public service for the information of the Parliament.
APETRA's board of directors consist of representatives from the government and the oil (storage) sector. The daily management is undertaken by a limited staff.