Hansard

Shipbuilding (Anglo-Polish Joint Venture)

Volume 941: debated on Monday 12 December 1977

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Mr. Grylls

asked the Secretary of State for Industry whether Polsko Brytyjskie Przedsiewziecie Zeglugowe Sp.Z.Oo Szczecin will be subject to Polish or British law.

Mr. Grylls

asked the Secretary of State for Industry why it was necessary for Polska Zegluga Morska and British Shipbuilders to form a joint company approved by him on 6th October to purchase the 22 ships to be built by British Shipbuilders.

Mr. Kaufman

The creation of a joint venture company reflects the partnership involved in the transaction.

Mr. Grylls

asked the Secretary of State for Industry what proportion of the cost of the ships to be bought by the Anglo-Polish Company, jointly owned by Polska Zegluga Morska and British Shipbuilders, will be financed through ECGD credits and how much through finance raised on the Euro-bond market.

Mr. Kaufman

70 per cent. of the purchase price will be financed by a commercial credit guaranteed by ECGD. The remaining finance does not involve public funds and is a commercial matter for the parties concerned.