asked the Minister for Energy when legislation will be introduced to give a statutory base to INPC; the reason for the long delay; if their most recent annual accounts will be published; and if he will make a statement on the matter.

The outcome to hydrocarbons exploration activity in the Irish offshore will obviously have a very significant bearing on the type of national oil corporation most suited to the future needs of this country and on the nature and scope of their activities. Consequently, I consider that introduction of necessary legislation should await the outcome of such activity. I am satisfied that the existing Memorandum and Articles of the company are, in the meantime, entirely adequate to cater for their activities.

The most recent annual report and accounts of INPC to hand are for 1984 and were tabled in the House, and published, on 1 May 1985. The company's 1985 report and accounts are now being prepared and, in keeping with the practice since their establishment, will be presented to the Oireachtas and published very shortly.

Did I understand the Minister to say that there is no rush to give the Irish National Petroleum Corporation a statutory base?

That is correct.

Does the Minister accept that one should review the role of the INPC in advance of attempting to give them that statutory base on the grounds that their original inception and idea were strategic? Is the Minister reviewing their role and future because of the fact that the strategic necessity is not acute as it might be?

As I said in reply to the previous Deputy, its necessity may not be as acute today but there is no guarantee that this will be the position in six months' time. I see the necessity for establishing a statutory base for the INPC which should be taken into account in the overall oil development and security of supply.

Will the Minister confirm that the INPC are running at a loss?

I presume that the Deputy has read the report and accounts for last year.

Perhaps I can confirm that the company are running at a loss according to the annual reports ——

Yes.

In that context, could the Minister tell the House what his policy guidelines are in relation to the INPC? Are they stockpiling oil because the price of oil appears to be at an all time low? Have they been instructed to buy additional oil now so that we need not necessarily face those losses in the future? Has the Minister given any instructions to the INPC in regard to their purchasing policy or are they to go on losing money while the price of oil plummets?

In my capacity as Minister for Energy I have regular meetings with executives of the INPC and discussions take place in the overall oil policy area. Commercially minded people in the INPC will obviously seek to take advantage of any reductions in the price of oil.

Does the Minister know what the present stock of oil is in the sense of the total purchased by the INPC?

If the Deputy had put down a question in that regard I could have let him have the information.

I am trying to get an answer in regard to the present and future role of a company who are losing money while the price of oil plummets but I am not getting anywhere with it.

The Deputy asked a separate question.

What are the Minister's intentions in regard to the INPC?

It is not my intention to bring forward legislation quickly in relation to giving them a statutory base and we should await the outcome of developments in the oil area. I believe that the INPC have a role to play and will continue to do so in relation to the overall oil policy here.

Can they turn in a profit?

This question is basically about the delay in introducing legislation.

Is it the Minister's intention that this company should show a profit?

The prospect of the INPC having a better return, given the fall in oil prices, appears to be brighter but I will not guarantee that they will make a profit.

In view of the delay in introducing legislation, does the Minister intend to give an expanded role to the INPC in the area of oil exploration?

Yes, I confirmed to this House in the past that I intended doing so and I am adjusting the memorandum and articles accordingly.