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7. Oil exploration in the South China Sea.
CONFIDENTIAL **
To consider, and take appropriate action on, the possible role of Hong Kong as a support base.
(ii) A voluntary code of practice requiring
oil importers to maintain reserves of fuel oil (except for power generation), gas oil and naphtha equivalent to not less than 30 days of net imports during the previous calendar year, has been drafted and found generally acceptable by the oil importers. Discussions are being held with individual oil importers to consider in detail their difficulties in complying with the Code.
(a) Phase I Reclamation at Penny's Bay has
been gazetted.
(b) Pasco Engineering Ltd. has been
commissioned to undertake an engineering feasibility study on the practicabities of developing an oil industry support base at Penny's Bay.
(b) An Oil Support Advisory Committee has
been appointed to advise the Government on the facilitation of the development of Hong Kong's potential as a logistics support base for oil exploration in the South China Sea.
To monito finalisation of the code of
practice by DTIC.
The report of the feasibility study is expected to be available in August 1981.
To hold the first meeting of the new Committee.
rade and Industry
Recommendations
of the Advisory Committee on
To co-ordinate their implementation as accepted by
Diversification. Executive Council.
Co-ordination of the implementation of those recommendations accepted by ExCo, continued. Seven progress reports on implementation have been made to ExCo: two more are being prepared.
To k.i.v.implemen tation of accepted recommendations an to complete the second batch of 6 monthly progress reports to ExCo.
CONFIDENTIAL #2
No comments yet.
Private notes are available after approval.