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Volume 892: debated on Monday 12 May 1975

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asked the Secretary of State for Trade over how many years payment of the £500 million contracts signed by him with the Iranian authorities in January 1975 is to be spread; and how much is to be paid in each individual year.

The nature of the agreement to which the figure of £500 million relates was set out in the Secretary of State's statement to the House on 31st January 1975. He explained then that the conclusion of contracts for the projects agreed in principle between the two Governments was a matter for the United Kingdom firms concerned. Some of the contracts have been signed and others are still being negotiated; until this process has been completed details of the phasing of deliveries and payments are not available.