INPC oil contracts and spot-market trading
Collins asked about the corporation’s contracts with oil-producing countries and whether it could trade on the spot market. The Minister expected an expanding role and agreed to communicate further details.
Could the Minister be more specific regarding the contract presently held by the Irish National Petroleum Corporation with Saudi Arabia, Iran or Iraq and if it is intended to increase the number of contracts held? Is it also intended to allow the corporation to deal on the spot market or is that outside the role of this corporation?
Comment on this
I am not in a position to give the details sought. I would envisage an expanding role for the corporation. Matters such as dealing on the spot market may be mentioned or contracts may be entered into with other countries.