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British National Oil Corporation

Volume 14: debated on Thursday 3 December 1981

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asked the Secretary of State for Energy whether the agreement that Britoil entered into in June 1977 will permit the alienation of the British National Oil Corporation interests in oilfields without repayment of all outstanding loans on the figure currently outstanding.

I understand that if the Britoil Agreement is affected by changes in the financial structure of BNOC's exploration and producing activities the Corporation will expect to renegotiate the agreement with Britoil and its bankers.