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National Oil Account

Volume 983: debated on Wednesday 30 April 1980

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asked the Secretary of State for Energy, in view of the statement on page 38 of the 1979 report and accounts of the British National Oil Corporation relating to the change in operation of the national oil account, whether he has abandoned until after the repayment of the Britoil loan any attempt to terminate the corporation's obligation to pay receipts into the national oil account and obtain access to the account for funds.

My right, hon. Friend announced on 25 March that the Government will intoduce legislation as soon as possible after the current Session to implement their policies for the future of BNOC. While we will bear in mind the Britoil arrangements in preparing the legislation, their future is a matter for negotiation between the parties concerned.