• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 7 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 mins Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 17 hours "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 3 days What China is Learning from Russia's War in Ukraine and its Consequences
  • 2 hours Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 5 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65

Leaked Memo Sees Oil And Gas Sector As Low Priority For Brexit

A leaked government document reveals securing the future of the steel and oil and gas sectors will be a low priority during Brexit negotiations.

Officials have divided British industries into high, medium or low priority categories according to a document which was obtained by The Times.

The government plans to focus most of its efforts on higher ranking sectors including pharmaceuticals, car making, textiles and clothing, aerospace and air transport industries, while industries like steel, construction, oil and gas, telecoms, environmental services, water and medical will remain lower priorities.

The document was reportedly circulated in November, but a government spokesperson declined to comment to The Times. However, a source said the list does not reflect the government's view of the importance of the sector but rather the level of work needed to assist them through the Brexit process.

The Scottish National Party has "condemned" the government for categorising the oil and gas industry as low priority. SNP energy spokesperson and MP Callum McCaig said, "To give the oil and gas sector a low priority is a real betrayal."

"There is no need to prioritise some industries over others - last year the CBI produced a major report on the Brexit challenges facing several sectors which avoided any prioritisation of one over another," McCaig said.

Related: Oil Prices Rise As OPEC Compliance To Cuts Hits 90%

In December, a study by the Confederation of British Industry (CBI) said the government must take care not to sacrifice some sectors for the sake of scoring a good Brexit deal for others.

The steel industry's main challenge, according to the document, is not having enough market access for the industry to continue to flourish due to low cost dumping from China, which is not essentially an EU issue.

However, it says issues like Trade Defence Instruments need to be negotiated at a European-wide level.

By City A.M.

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News