Fuel Oil Imports

HC Deb 25 February 1965 vol 707 cc142-3W

70. Mr. Philip Noel-Baker

asked the Minister of Power what is the estimated cost to the balance of payments this year of fuel oil imports.

Mr. Frederick Lee

Depending on the extent to which oil companies vary their operations, imports of fuel oil in 1965 are not likely to be significantly different from those in 1964, when 8.9 million tons were imported at a declared value of £51.1 million. It is estimated, however, that these imports will at least be matched by exports and supplies for bunkers. The cost of the imports to the balance of payments is less than the declared value to the extent that they are carried in British ships or come from refineries abroad owned by or associated with British oil companies.