UKPIA comment on UK downstream oil review

UKPIA has said that it is pleased to see the publication of the Department of Energy and Climate Change’s (DECC) review of the refining and duel imports sectors in the UK. The association has also welcomed the government’s focus on this sector and thanked the DECC team for their important work.

However, the UK refining sector faces challenges that threaten the sustainability of the industry, not least the cost of cumulative regulatory burden imposed upon the sector by legislators. It is therefore unfortunate that the review does not fully address many of the wider legislative issues affecting our sector in the UK and its ability to compete effectively in today’s global market.

The review has commissioned a joint government and industry Midstream Oil Task Force to help address some of these challenges and UKPIA have said that it is critical that the Task Force targets fundamental policy reform. UKPIA is looking forward to working with government via the Task Force as well as lending its support in achieving urgent and measurable actions.

Comments

Chris Hunt, Director General, UKPIA said, ‘we stand ready to support the Task Force in both addressing the concerns and challenges facing our downstream oil industry in the UK and in achieving urgent, identifiable and quantifiable initiatives for our sector.’

Adapted from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/09042014/ukpia_uk_downstream_oil_sector/