HC Deb 15 March 1983 vol 39 c125W
Mr. Skeet

asked the Secretary of State for Energy, pursuant to the answer of 3 March, Official Report, c. 197, concerning the British National Oil Corporation, if he will list the principal factors affecting the profitability of the corporation.

Mr. Gray

The British National Oil Corporation deals not only in participation crude oil and liquefied petroleum gas but also trades with third parties in crude oil, oil products and liquefied petroleum gas. In addition, it acts as the Government's agent for royalty in kind and in managing the Government's pipeline and storage system. Its profitability depends upon its trading margins together with its agency fees.