§ 17. Mr. Footasked the Secretary of State for Foreign Affairs what protest His Majesty's Government have received from the Syrian and Lebanese Governments on the terms of the oil agreement recently concluded between British and U.S. oil companies.
§ Mr. FootIs it not a fact that this oil agreement amounts to a gigantic price ring; and have not the Syrian and Lebanese Governments announced their intention of applying to the Soviet Oil Trust, owing to the high prices demanded by this price ring?
Mr. McNeilIt would not be competent for me to comment on the terms of the agreement, which is a commercial agreement. I have been asked if we had had representations from these two Governments, and the reply to that is: "No, Sir."
§ Mr. StokesIs not my right hon. Friend aware that this oilfield can produce the cheapest oil in the world; and is he saying that the Government are ready to allow our interests and rights, which are very considerable, to be sold to commercial interests, I suppose merely for dollars?