National Oil Account definition

National Oil Account means the account established pursuant to Article 4 of this Law.
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National Oil Account. – shall mean the account established and held by the Central Bank with the Custody Bank, pursuant to this law;
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Examples of National Oil Account in a sentence

  • Also, inflation had risen to a 37 percent annual rate in June 2008, “reflecting rising international prices of food and fuel and the depreciation of the dobra” (local currency) as well as “the use of National Oil Account (NOA) balances to finance the fiscal deficit.”1 The PGRF agreement addresses both of these issues, primarily through tight fiscal policy.

  • In no case shall a transfer be made from the National Oil Account if such transfer has been enjoined by an order of the Petroleum Oversight Committee pursuant to paragraph 5 of Article 22 unless such order has been annulled by either a court having jurisdiction to do so or by the National Assembly as provided in such article.

  • The budget as approved by the National Assembly shall set out which part of the Annual Funding Amount is to be paid out of the Permanent Reserve and which part shall be paid out of the unrestricted part of the National Oil Account, provided that the portion to be paid out of the Permanent Reserve may not exceed the limit set out in paragraphs 2(b)(i)(A) and 2(b)(ii)(A) of this Article.

  • Both reforms, together with the existence of the National Oil Account which limits the share of future oil receipts that can be spent, should provide the Government with the legal instruments necessary to maintain economic stability.

  • The Government shall include in the National Budget a proposed Annual Funding Amount consistent with the requirements of Article 10 to be transferred out of the National Oil Account to the Treasury for the expenditures set forth in Articles 12, 13 and 14 of this law.

  • Each calendar year before the elaboration of the national budget by the Ministry of Planning and Finance, the Central Bank shall forecast the expected income or increase in value of the Permanent Reserve which, subject to paragraph 6 of this article, would be available for transfer to the unrestricted part of the National Oil Account.

  • After the commencement of Oil Production, any Extraordinary Oil Revenue received in the National Oil Account shall be transferred within 30 days of receipt to the Permanent Reserve.

  • No later than [July 31] of each year and before the elaboration of the national budget for the subsequent year by the Ministry of Planning and Finance, the Central Bank shall forecast the total balance, as of the end of the current calendar year and of the subsequent two calendar years, of the National Oil Account and its sub-account described in article 16.

  • All funds and investments held in the National Oil Account shall be denominated in United States dollars, Euros or other currency similarly stable and convertible internationally.

  • Without prejudice to the auditing powers of the Auditor General, all deposits, holdings, withdrawals, and other activity of the National Oil Account shall also be audited annually within 90 days of end of each fiscal year, by an internationally recognized accounting firm selected by the Auditor General in consultation with the Public Oversight Committee.

Related to National Oil Account

  • Commercial account means an arrangement whereby a retail distributor sells hazardous chemicals to an employer, generally in large quantities over time and/or at costs that are below the regular retail price.

  • Health Savings Account means an account as permitted under section 223 of the internal revenue code of 1986, 26 USC 223.

  • Depository Account includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon.

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;

  • Control Account means a Securities Account or Commodities Account that is the subject of an effective Securities Account Control Agreement and that is maintained by any Loan Party with an Approved Securities Intermediary. “Control Account” includes all Financial Assets held in a Securities Account or a Commodities Account and all certificates and instruments, if any, representing or evidencing the Financial Assets contained therein.

  • Bank Account means one or more accounts opened, maintained and operated by the Portfolio Manager with any of the Scheduled Commercial Banks in accordance with the agreement entered into with the Client.

  • Sub-Account means any of the individual sub-accounts of a Participant’s Account that is maintained as provided in Article VIII.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Clearing Account has the meaning set forth in Section 2.7.1 hereof.

  • Savings Account means an account, which is based on Mudarabah and its profit shall be calculated based on the profit earned on any balance maintained above the minimum threshold or average threshold (as may be agreed upon with the Bank).

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • JetBrains Account or “JBA” means an account at xxxxx://xxxxxxx.xxxxxxxxx.xxx created by Customer, having a unique name and password, and through which Customer has access to Products in accordance with a Toolbox Subscription.

  • Clearing Account Agreement means that certain agreement relating to clearing account services by and among Mortgage Borrower, Lender and Clearing Account Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of, and application of funds in, the Clearing Account.

  • Special Accounts means the accounts referred to in Section 2.02 (b) of this Agreement;

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • Investment Account As defined in Section 3.12(a).

  • Financial Account means an account maintained by a Financial Institution, and includes:

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Concentration Account Bank shall have the meaning assigned to such term in Section 9.01(e)(i).