CONFIDENTIAL #2
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- 6
Oil
(9)
Oil reserver
(10) Oil
Explor- ation in the
South China Sea
To establish
strategic reserves of oil products
To consider
the possible
role of Hong Kong as a
support base
(a) The 4 industry shareholders
(power and oil companies) of Owensbord transferred their shares to the Government.
(b) In line with ExCo's decision, the two major power companies continue to maintain strategic reserves of fuel oil amounting to about 60 days' supply. The situation will be reviewed by the Energy Policy Committee in October.
(c) The voluntary Code of
Practice for maintaining strategic reserves of fuel oil, gas oil and naptha was implemented.
In May 1982, the Governor in Council ordered
(a) that the proposal to develop Penny's Bay as a support base be shelved for the time being;
(b) that the design work on the proposed reclamation and
the processing of the statutory objection in connection with the gazetting of Penny's Bay be completed nevertheless; and
FSB to manage Ovensbord.
Monitoring of the power companies' holdings of fuel oil to be continued.
To monitor the oil companies' performance against the Code of Practice.
To k.i.v. items (b) and
(c).
GF 323
CONFIDENTIAL #2
密
機