With the permission of the Ceann Comhairle, I propose to take Questions Nos. 35, 36 and 37 together.
I have, for some time, been examining the desirability of establishing a State oil corporation and considering towards what areas of the oil industry such a corporation might, from the point of view of the national interest, be orientated.
My approach to this matter is based on the belief that, given the general outlook for oil supplies worldwide, it is essential that the State should at least take the initial steps in improving its capacity to react to developments. I do not envisage that major initiatives would be taken by a State company in the very early stages—the legislation which I am considering contemplates a graduated approach. I consider that it is necessary to have established an instrument of public policy, with the necessary competence and expertise, to undertake, in the first instance, the study and preliminary work on which future initiatives could be based. In the circumstances, it would be premature to attempt to answer the other specific questions raised by Deputies Kelly and Desmond.
I would hope to introduce the legislation before the end of the year.