§ Mr. Skeetasked the Secretary of State for Trade and Industry (1) if he will list his powers to control the export price of crude oil secured from the United Kingdom section of the Continental Shelf;
95W(2) whether he will take steps to ensure that overseas financed companies operating in the British sector of the North Sea shall only dispose of their crude oil to customers or subsidiaries abroad at market prices prevailing at the time of sale.
§ Mr. Tom BoardmanMy right hon. Friend the Chancellor of the Exchequer is responsible for the administration of the Exchange Control Act 1947 which provides for Her Majesty's Customs to prohibit an export from the United Kingdom unless they are satisfied that it is made under arrangements showing a proper return satisfactory to the national interest.