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UKPIA welcomes ECC's recommendations on compulsory oil stocks

26 October, 2011

UKPIA welcomes the Energy and Climate Change Committee’s recommendations on oil refining and compulsory oil stocks.

UKPIA, the trade association representing the main oil refining and marketing companies in the UK, welcomes the conclusions on oil refining and compulsory oil stocks in the Energy and Climate Change Committee’s report ‘UK Energy Supply: Security or Independence?’ published today.

Chris Hunt, Director General of UKPIA, commented: “We welcome the recommendation that the Government should assess the minimum level of refining capacity required by the UK as insurance against market breakdown and develop a strategy to deliver this objective. UKPIA and its members will continue their work with government and other stakeholders to try and ensure we have an overall policy framework that helps maintain the important contribution refining makes to the nation’s energy security and resilience.”

He continued: “We also welcome the recommendation that the Government set up an independent central agency, funded by the industry, to manage the UK’s strategic oil stock obligations and note the Energy Minister’s intention to consult on this proposal in 2012.”