§ Mr. Grimondasked the Secretary of State for Foreign Affairs if he will consult with our Commonwealth and Allies with a view to agreement on a joint policy which will guarantee free access to Gulf oil under arrangements which will guarantee a fair return of profit for the benefit of the people in the areas and also define western responsibility for peace and political progress in the area.
§ Mr. Selwyn LloydThe exploitation of Persian Gulf oil is governed by agreements freely contracted by international oil companies with the Governments concerned. These agreements provide for an equal share of profits between Government and oil company in each case.
We are in close contact with the countries of the Commonwealth and with our Allies on all matters relating to the maintenance of peace in the area. As the hon. Member will be aware, Her Majesty's Government have no direct responsibility for the internal affairs of the Persian Gulf States but are constantly searching for ways of maintaining the political stability of the area, and of assisting in promoting the welfare of its peoples.