Document ID: chunk:federal_register_of_legislation:C2024C00688:section:4
Version: federal_register_of_legislation:C2024C00688
Segment Type: section
Provision Reference: s 4
Character Range: 8017–8824

4  Simplified outline of this Act

      This Act contains 2 measures designed to improve fuel security:
             (a) the minimum stockholding obligation; and
             (b) a bounty called fuel security services payment.
      Entities that undertake certain activities (broadly, refining or importing certain fuels) may become subject to the minimum stockholding obligation. This is an obligation for an entity to hold a minimum quantity of stocks of those fuels.
      Refiners of certain fuels may, on application to the Minister, become entitled to fuel security services payment. This is a quarterly payment based on the quantity of those fuels refined in the quarter. Recipients commit to repaying the payment if the refinery ceases refining FSSP fuels before the end of a specified period.