§ Mr. Langford-Holtasked the Chancellor of the Exchequer whether, before his consent was given for the sale of the Regent Oil Company to United States interests, his attention had been drawn to the fact that by May, 1955, the indebtedness of Regent to its parent companies was nearly £15 millions, in addition to borrowings from banks and insurance companies.
§ Mr. SimonI assume that my hon. Friend refers to the sale, in 1956, to the Texas Oil Company of the Trinidad Oil Company which had a 50 per cent. interest in the Regent Oil Company. The factors that influenced Her Majesty's Government in consenting to the sale were fully explained in the House in the statements of my right hon. Friend the then Chancellor of the Exchequer on 14th June, 1056, and 20th June, 1956. The Government were, of course, fully aware at that time of the financial position and prospects of the Trinidad Oil Company.