§ Mr. Portilloasked the Secretary of State for Energy whether he has yet specified the date on which the British National Oil Corporation will be dissolved; and if he will make a statement.
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§ Mr. Buchanan-SmithBNOC's final report and accounts for the 11 months ended 30 November 1985 were published earlier today, and I have placed copies in the House Libraries.
After consulting both BNOC and the Oil and Pipelines Agency in accordance with section 3(5) of the Oil and Pipelines Act 1985, I am satisfied that publication of the report and accounts completes the duties laid upon the corporation under schedule 2 to that Act. Accordingly I have made today the British National Oil Corporation (Dissolution) Order 1986 (S.I. No. 585), which specifies that the corporation will be dissolved with effect from tomorrow, 27 March. The order also has the effect of bringing into force part II of schedule 4 to the Oil and Pipelines Act 1985, which repeals a number of statutory provisions which have become unnecessary as a result of the corporation's dissolution.
On behalf of the Government, I would like to thank all those who served the corporation over the 10 years of its existence.