10th November 2016
In advance of the Autumn Statement on 23rd November, the UK’s downstream oil sector calls on government for recognition and to provide investor confidence.
Chris Hunt, Director General of the UKPIA commented: “For too long, the UK’s oil refining and marketing sector, which provides 33% of the nation’s energy and is crucial to our mobility and economic growth, has been missing in government’s energy planning and policy. There is now an opportunity, ahead of UK-EU negotiations and in planning for an industrial strategy for the UK, to provide our sector with the confidence and stability that will ensure that it can continue to deliver and thrive – and that initiative must start with HM Treasury.”
“Our industry competes globally and it requires a clear, stable and well-designed legal, fiscal and regulatory framework to enable it to succeed and plan for the future. If such a framework is lacking, it not only discourages investments but disadvantages domestic manufacturing with respect to other world regions with which our industries compete. For this reason, we call on Government to set out a long-term strategy which prioritises industry’s competiveness and recognises the vital contribution of our sector to the economy, growth, security of supply and resilience.”
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Notes to editors:
- UKPIA represents eight oil refining and marketing companies that operate the 6 major oil refineries in the UK and source 86% of all petroleum products used. UKPIA members also own around 1,500 of the 8,494 filling stations in the UK.
- For a copy of UKPIA’s latest report, Fuelling the UK’s Economic Engine, click here.