Petroleum and Submarine Pipe-lines Act 1975

2 General powers

(1) Subject to the following provisions of this Part of this Act, the Corporation shall have power—

(a) to search for and get petroleum existing in its natural condition in strata in any part of the world;

(b) to move, store and treat petroleum and anything derived from it;

(c) to buy, sell and otherwise deal in petroleum and anything derived from it;

(d) to perform for any Minister of the Crown or Northern Ireland department such services connected with petroleum and anything derived from it as the Minister or department may request the Corporation to perform on his or its behalf;

(e) without prejudice to the generality of the preceding paragraph, to do anything required for the purpose of giving effect to agreements entered into by the Secretary of State with a view to securing participation by the Government of the United Kingdom, or by the Corporation or any other body on behalf of the Government, in activities connected with petroleum beneath controlled waters;

(f) to provide any person with advice or assistance of any kind, including research services and training facilities, as respects any matter in which the Corporation has skill or experience;

(g) to do anything which the Corporation considers is calculated to facilitate, or is conducive or incidental to, the performance of any of the Corporation's functions.

(2) Without prejudice to the generality of the powers conferred by the preceding subsection, those powers include in particular power—

(a) to provide and operate pipe-lines, tanker-ships and refineries in connection with petroleum ;

(b) to carry out research in connection with petroleum or anything derived from it and to promote activities for the purpose of turning to account the results of such research.

(3) It is hereby declared that the preceding provisions of this section relate only to the capacity of the Corporation as a body corporate and that nothing in those provisions authorises the Corporation to disregard any enactment or rule of law.

(4) The Corporation shall not, except with the consent of the Secretary of State and in accordance with any conditions specified in the instrument signifying his consent, exercise its powers—

(a) to search for or get petroleum in any area outside Great Britain and controlled waters ;

(b) to refine crude liquid petroleum or to treat, buy, sell or otherwise deal in anything derived from petroleum ;

(c) to promote or participate in the formation of, or acquire or relinquish membership of or any interest in or security issued by, a body corporate;

(d) to borrow or lend money, to charge any of its actual or future assets or to guarantee the performance by another person of any obligation ;

(e) to promote or oppose in Parliament any Bill or any order under the [1936 c. 52.] Private Legislation Procedure (Scotland) Act 1936;

(f) to provide any person outside the United Kingdom with advice or assistance;

and the Secretary of State shall not give his consent for the exercise of any power mentioned in paragraph (c) or (d) of this subsection except with the approval of the Treasury.