TNAG-1139-FCO40-1419-Quarterly-progress-reports-on-Hong-Kong-1982 — Page 262

5. Oil exploration To consider, and in the South take appropriate

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China Sea

6. Consultancy

CONFIDENTIAL #B

for electri- city utilities

Trade and Industry

Recommenda- tions of the Advisory

Committee on

action on the possible role of Hong Kong as a support base.

To engage the services of consultants, on a task basis, to examine the technical aspects of the two major power companies.

To co-ordinate their implementa- tion as accepted by Executive

Diversification] Council.

5

The Oil Support Advisory Committee has considered the Pasco Interim Report. A Working Group has been set up to consider Government's role in the development of an oil support base in Penny's Bay. ExCo has been informed that reclamation of Penny's Bay will go ahead although the viability of HK becoming an oil support base is still undecided. Pasco is preparing a Final Report.

On 25 November 1981 FC approved a commit- ment of $3.75 m for the employment of consultants. On 11 January 1982 the Consultants Selection Board gave approval to PGEME to enter into fee negotiations with Burns and Roe, an American consultant firm.

Co-ordination of the implementation of those recommendations accepted by ExCo continued. The fourth round of the 6- monthly progress reports to ExCo has started. Up to January 1982, ExCo had accepted that of the 45 recommendations they had previously accepted, 26 of them can be considered as completed.

To consider, and take appropriate action on the recommendations of the Pasco Interim Report.

To finalise appointment of the consultants.

To continue to k.i.v. implementation of accepted recommenda- tions and to submit six-monthly progress reports to ExCo.

Commerce

8. Companies Law

revision

To carry out the recommendations

of the Companies

Law Revision Committee as accepted by the Government.

(i)

(ii)

Comments on public representations have been forwarded to UMELCO for consideration.

ExCo gave approval in principle for the Companies Ordinance to be amended to require directors, major share-

To consult with the UMELCO Ad Hoc Group.

To finalise drafting instructions and to seek approval for

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CONFIDENTIAL

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