UKPIA Refining Britain's fuels

UKPIA welcomes the Energy and Climate Change Committee’s recommendations

PRESS RELEASE      

25 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.”

Ends

Enquiries to: Nick Vandervell, UKPIA Tel. 020 7269 7604
  

Notes to editors:

• UKPIA represents ten oil refining and marketing companies that operate the 8 major oil refineries in the UK; the refineries processed 73 million tonnes of crude oil and produced 75.4 million tonnes of refined products in 2010 (Source: DECC- DUKES data). UKPIA members also own around 2,200 of the 8,787 filling stations in the UK (Source Experian Catalist January 2011), as well as extensive storage and distribution infrastructure.
• The House of Commons Energy and Climate Change Committee’s report ‘UK Energy Supply: Security or Independence?’ Eighth Report of Session 2010-12 was published on 25 October 2011. Volume I (Report) and Volume II (Additional Written Evidence) can be found on the Committee website: www.parliament.uk/ecc