Document ID: chunk:federal_register_of_legislation:F2021L01011:reg:4
Version: federal_register_of_legislation:F2021L01011
Segment Type: reg
Provision Reference: reg 4
Character Range: 1592–3968

4  Definitions
  In this instrument:
Act means the Fuel Security Act 2021.
average is the mean of values.
bank means a body corporate that is an authorised deposit-taking institution for the purposes of the Banking Act 1959.
blendstock means a finished product imported to the refinery that is added to, or mixed with, a refined finished product produced at the refinery before it is sold.
Note:  It does not include a feedstock transformed at the refinery into FSSP fuels and other products.
close, in relation to a refinery, means when the refinery ceases to refine all FSSP fuels under paragraph 50(1)(a) of the Act.
cpl means cents per litre.
EBITDA means earnings before interest, taxes, depreciation, and amortization.
EBIT means earnings before interest and taxes.
feedstock means crude oil, condensate, vegetable or animal oils and fats and other hydrocarbon inputs that are transformed at a refinery into petroleum products.
force majeure event—see subsection 20(3).
guidelines means the Fuel Security (Fuel Security Services Payment) Guidelines 2021 as in force from time to time.
FQS Act means the Fuel Quality Standards Act 2000.
investment grade credit rating means a credit rating from a recognised ratings agency, such as Standard and Poor's, that is regarded in financial markets as of investment grade, typically a BBB- or higher grade.
material adverse change—see subsection 20(5).
milestone report means the milestone report under the guidelines and any subsequent reports of a similar nature.
POFR Act means the Petroleum and Other Fuels Reporting Act 2017.
POFR rules means the Petroleum and Other Fuels Reporting Rules 2017.
refinery operator means the person eligible for fuel security services payments for a refinery and any other entity with operational control of the refinery.
relevant independent analysis—see subsection 20(10).
related refinery entity means:
 (a) the Australian controlling corporation for a refinery operator; and
 (b) any other entity which owns the refinery; and
 (c) any related body corporate of the refinery operator which is able to control or exert significant influence over the operation of the refinery.
RON means research octane number.
TRPPP means the Temporary Refinery Production Payment Program established by the Industry Research and Development (Temporary Refinery Production Payment Program) Instrument 2021.