TUESDAY, JANUARY 15, 1991
3
"ONLY IN THE MOST UNLIKELY EVENT OF CATASTROPHIC LONG-TERM DAMAGE TO GULF OIL SUPPLIES MIGHT IT BE NECESSARY TO CONSIDER FORMAL FUEL CONSERVATION MEASURES.'
·
HE SAID, IN ADDITION то THE 30 DAYS RESERVE OF KEY OIL PRODUCTS HELD IN HONG KONG, MEMBERS OF THE INTERNATIONAL ENERGY AGENCY (THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT COUNTRIES) HAD AGREED AT THE IEA MEETING ON JANUARY 11, 1991 THAT, IF REQUIRED, ITS MEMBERS WOULD MAKE AVAILABLE UP TO 2.5 MILLION BARRELS OF OIL PER DAY TO COVER ANY POSSIBLE SHORTFALL OF SUPPLIES FROM THE GULF AS A RESULT OF HOSTILITIES.
THIS WOULD BE ACHIEVED BY A COMBINATION OF DRAWING ON STRATEGIC STOCKS AND OTHER ECONOMY MEASURES.
HE SAID THE PRESENT GLOBAL SITUATION WAS NOT ONE OF SUPPLY SHORTAGES BUT OF PRICE VOLATILITY REFLECTING CHANGING CIRCUMSTANCES IN THE GULF.
"EVEN IF HOSTILITIES WERE TO BREAK OUT, THE LIKELIHOOD IS THAT OIL SUPPLIES WILL REMAIN RELATIVELY UNAFFECTED AND, BECAUSE THERE IS A CURRENT WORLD SURPLUS OF OIL SUPPLIES, PRICES SHOULD RAPIDLY STABILISE, SINCE THE MARKET IS DISCOUNTING THE POSSIBILITY OF HOSTILITIES, HE SAID.
++
THE SPOKESMAN SAID THE COMMITTEE DID NOT ANTICIPATE ANY SHORTAGE OF OIL IN HONG KONG AND WAS SATISFIED THAT THE GOVERNMENT'S EXISTING CONTINGENCY PLANS PROVIDED THE MEANS TO OVERCOME ANY DIFFICULTIES WITHOUT ADVERSELY AFFECTING THE ECONOMIC WELL-BEING OF THE TERRITORY.
LOCAL FERRY SERVICES INTO THE 1990'S
THE GEOGRAPHY OF HONG KONG MAKES TRAVEL BY SEA AS NATURAL TO ITS PEOPLE AS TRAVEL BY UNDERGROUND IS TO LONDONERS AND OVER 300,000 PEOPLE USE PASSENGER FERRIES TO GO TO WORK, SCHOOL OR FOR DAILY NECESSITIES EVERY DAY.
THE DIRECTOR OF MARINE, MR MICHAEL C.C. SZE, SAID THIS TODAY (TUESDAY) AT A LUNCHEON OF THE ROTARY CLUB OF KOWLOON EAST.
MR SZE SAID THE VAST MAJORITY TRAVELLED ON A VARIETY OF CRAFT SUCH AS TRIPLE-DECKERS, HOVERFERRIES OR THAT WELL KNOWN SYMBOL OF HONG KONG, THE STAR FERRY.
A SIZEABLE FLEET OF SMALLER CRAFT KNOWN AS WALLA WALLAS FERRY HUNDREDS OF WORKERS TO AND FROM SHIPS IN THE PORT, HE SAID.
/"THE SAFETY