K
1
Electricity and Energy
機密
Oil reserves
To establish strategic reserves of oil products
CONFIDENTIAL
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4
which, from HK's viewpoint, might possibly have helped a little in the forthcoming review of UK/PRC air services arrangements.
機密
(i)
(ii)
The 30 days equivalent of floating fuel oil reserves for power genera- tion, managed by Owensbord, were sold and transferred to the two power companies' land tanks in December 1981. The tanker storage scheme can be regarded as completed and Owensbord can be put on the shelf for the time being.
ExCo has advised and the Governor- in-Council ordered that each power company together with its supplier should be asked to aim at maintaining strategic reserves of fuel oil amounting to 60 days' supply at any one time until December 1982; and that the matter be reviewed in 12 months' time.
To round up the opera- tions of Owensbord.
To k.i.v. developments.
mentation of the code.
(iii) A voluntary code of practice requiring To k.i.v. the imple-
oil importers to maintain reserves of fuel oil (except for power genera- tion), gas oil and naphtha equivalent to not less than 30 days of net imports during the previous calendar year, has been accepted in principle by all the oil importers. The provisional target date for imple- mentation of the code is set at 1 May 1982.
GF 323
CONFIDENTIAL