- 6
Thursday, March 21, 1974
HONG KONG UNLIKELY TO BE AFFECTED
By Lifting Of Arab Oil Embargo On America
.ידר
The Director of Oil Supplies, Mr. Roy Porter, said today that
based on information he had received so far, Hong Kong was not likely
to be directly affected in any way by the lifting of the Arab oil embargo
on the United States.
"But, of course, anything which decreases world tensions and
economic problems is to be welcomed," Mr. Porter added.
The Director of Oil Supplier was answering questions from newspapers
and members of the public who wanted to know whether the Arab move meant
increased supplies to Hong Kong as well.
Mr. Porter explained that the Arab nations were reported to have
said they would increase productior. sufficiently only to meet American
needs.
"If this is so, there will be no effect whatsoever on Hong Kong,
good or bad," he said,
"But," he added, "the practical results of the decision havo
still to be seen."
Mr. Porter assured the public that his department was continuing
to watch developments very closely, and would lift partially or entirely
the remaining restrictions as soon as it was possible to do so without
adversely affecting essential services and industry.
M