TNAG-0947-FCO40-1166-Oil-developments-in-and-around-Hong-Kong-1980 — Page 121

C.S. 166

CONFIDENTIAL #

For discussion

on 10th June 1980

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Introduction

MEMORANDUM FOR EXECUTIVE COUNCIL

RESERVES OF OIL PRODUCTS

TANKER STORAGE

On 20th May 1980, Members deferred consideration of Memorandum XCC(80)64, which proposed the setting up of strategic reserves of oil products, to permit the Financial Secretary to investigate as quickly as possible a proposal made to examine and

report back on the feasibility of providing additional oil reserves at lesser cost by using tanker storage instead of land storage.

2.

The Financial Secretary has investigated this proposal and this paper presents the results of the investigation. Because

of the emphasis put on speedy reconsideration, detailed work has not been done to the extent that will be required if the proposal is to

be realised, It is believed that, nonetheless, sufficient information has been obtained to make a preliminary judgement at least in respect of fuel oil which was the product of particular concern to Members.

3.

Specifically, three main means of providing tanker storage

have been looked into

(a)

a Very Large Crude Carrier (VLCC) moored in Hong

Kong waters;

(b) a VLCC moored outside Hong Kong waters; and

CONFIDENTIAL #

/(c) two

17/6.