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Burmah Oil Company Ltd

Volume 888: debated on Monday 17 March 1975

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asked the Secretary of State for Energy by how much the market value of the shares purchased by the Bank of England from Burmah Oil Company Ltd., has increased since the purchase; and how this profit compares with the total value of the guarantees given by the Bank and the Government to the company.

As I have already told the hon. Member, it is by no means to be assumed that the BP holding bought by the Bank of England from Burmah could be sold at the current market price. This price at close of business on 14th March gives the shares a current value of £292 million, which is £113 million more than the cost. It is impossible to set a value on the whole support operation, but the bank gave guarantees on $650 million of its Group's dollar borrowings and provided a standby cash facility.