CONFIDENTIAL
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6. Oil reserves.
7. Oil exploration in the South China Sea.
To establish strategic |(i) reserves of oil products.
To consider, and take appropriate action on, the possible role of Hong Kong as a support base.
5 -
Owensbord iterprises Ltd. has purchased over 190 000 tons of fuel oil. The tanker "Straits Dahlia" with 74 000 tons of fuel oil arrived in Hong Kong on 31.12.80. A second tanker, the "Seabreeze", is expected to arrive in March 1981. A purchase agreement between Owensbord and the power companies has been drafted.
Kii) A voluntary code of practice
requiring oil importers to maintain reserves of fuel oil, gas oil and naphtha equivalent of not less than 30 days of net imports during the previous calendar year, has been drafted. Preliminary discussions have been held with oil importers to consider their difficulties in complying with the Code.
A working group is considering the report of a consultancy study on
Penny's Bay in bffshore services. hortheast Lantau has been identified as potentially suitable for
eveloping into an oil industry supply base.
To continue to manage the tanker
storage scheme and finalize arrange- ments for the
transference of the fuel oil to the power companies.
To monitor finalisa- tion of the code of practice by DTIC.
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CONFIDENTIAL
To commission an engineering feasibility study of the detailed develor ment of an oil industry supply base at Penny's Bay.
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Private notes are available after approval.