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British Petroleum (Nigeria)

Volume 973: debated on Wednesday 14 November 1979

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asked the Lord Privy Seal what compensation has been offered by the Nigerian Government for that part of BP which is being nationalised; and if he is satisfied with the outcome.

Detailed discussions between British Petroleum and the Nigerian Government on compensation for British Petroleum's assets nationalised by the federal military Government have not yet taken place. The amount of compensation payable, which is primarily a matter for British Petroleum and the Nigerian Government, has yet to be agreed. But Her Majesty's Government naturally expect prompt, adequate and effective compensation to be paid.