Tom Greatrex
Main Page: Tom Greatrex (Labour (Co-op) - Rutherglen and Hamilton West)(12 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text
Chris Huhne
The hon. Gentleman misunderstands the situation in the refinery market. With regard to Petroplus, the problem with Coryton has been the over-capacity in the refining market, which has led to shaved margins. We are working to resolve that as quickly as possible.
Tom Greatrex (Rutherglen and Hamilton West) (Lab/Co-op)
Although the Secretary of State has reflected on the potential disruption through the Strait of Hormuz and on the point made by my hon. Friend the Member for Ynys Môn (Albert Owen) about refining activity, and although it is good news that the tankers have resumed distribution from the refinery this morning, will he update the House on whether oil is now being delivered to the refinery for refining activity?
Chris Huhne
There is indeed a cargo ready to be delivered this morning, and there have been contingency back-ups. I know that BP has been working closely with us on this matter and I very much hope that normal activity will resume.
Tom Greatrex
I thank the Secretary of State for that response, which will, I am sure, bring comfort to many people. As well as the 850 jobs, including those of contractors at the refinery, that are at risk, he will know that the background is that this situation is less to do with the refinery’s operation and more to do with the financial structure of the Switzerland-based former owners. Given the significant role played by UK-based refineries in providing energy resilience, is he concerned that the ownership of such a significant number of UK-based refineries is now overseas?
Chris Huhne
We have traditionally benefited enormously in this country, both under the previous Government and under this Government, from our open-door policy on foreign investment. Indeed, we own a substantial amount of investment in other countries. The swiftness with which the arrangements have been put in place suggests that there is no case for reviewing that policy at this stage.