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Wednesday, May 23, 1973
GOVERNMENT CONCERNED AT PRESENT LEVEL OF OIL STOCKS
The government is considering a recommendation of the Petrol and
Oils Advisory Committee that measures should be taken to increase. Hong
Kong's stocks of fuel oil.
The Acting Financial Secretary, the Hon. D.J.C. Jones, told the
Legislative Council this afternoon that in reaching a decision, the government will have to bear in mind the "formidable physical problems" and the
financial costs, "which would be very large".
But, given the importance for our economy of adequate supplies
of oil, these problems will be faced in a positive manner, "The stressed.
Mr. Jones said the problem would be considerably alleviated if
there were an oil refinery in Hong Kong, as the project would incorporate
large stocks of crude oil.
A proposal to construct a refinery is still under consideration
but even if it were built it would take a number of years to complete and would not solve any immediate problems.
The Acting Financial Secretary gave an assurance that the government was concerned at the present level of stocks of fuel oil. "We could be in
difficulty in the event of a stoppage or serious curtailment of supplies."
Mr. Jones made it clear that the government kept itself informed
of the progress of any talks between the oil companies and the Organisation of Petroleum Exporting Countries (Opec).
"And consideration continues to be given, should there ever be a shortage of supplies, as to how to make the best use of such stocks of oil
as are available to us in the interests of the community as a whole," he added.
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