HC Deb 12 July 1956 vol 556 cc573-4
28. Mr. Dodds

asked the Chancellor of the Exchequer if he is aware of the concern arising from the proposal of the Colorado Oil and Gas Corporation of Denver, United States of America, to take over the financial control of the Trinidad Petroleum Development Company; and what steps he is taking in this matter.

25. Mr. Lewis

asked the Chancellor of the Exchequer if he is aware that the Colorado Oil and Gas Corporation of Denver, United States of America, is in the process of acquiring the financial control of the Trinidad Petroleum Development Company; and as, according to law, this company must remain in British control and must not be sold without the Treasury's permission, he will refuse to sanction this take-over bid.

Sir E. Boyle

My right hon. Friend has seen reports of this proposal in the Press. The considerations affecting any consents that may be required under the ordinary law of Trinidad or the United Kingdom are set out in paragraphs 17–23 of Command Paper 9790, but he cannot prejudge either Government's decision on any applications that might be made.

Mr. Dodds

I quite agree that we can find in print words to that effect, but are the Government not taking an interest in this matter to avoid another oil sale for short-term expediency, or is it favoured by the Government to bolster up Tory economics?

Sir E. Boyle

I cannot add to what I have said, that my right hon. Friend cannot prejudge the decision of either Government; and I stick to that.