§ 75. Mr. Farey-Jonesasked the Minister of Power what estimate he has made, in the course of the negotiations concerning the United Kingdom's membership of the European Economic Community, of the effect upon the British oil industry of the existing trade agreements affecting members of the Community, with particular reference to the recent agreement concluded between the Governments of Italy and the Union of Soviet Socialist Republics.
§ Mr. WoodThe British oil industry has major trading interests in Common Market countries in supplying, refining and marketing oil. The existing trade agreements between some Member countries of the European Economic Community and the U.S.S.R., unlike 43W that of the United Kingdom, include arrangements for imports of Russian oil. The increase in such imports in recent years has had a significant effect on the oil market and hence on the interests of British companies. In its negotiations with the Community, Her Majesty's Government will take account of this and all other factors bearing on the future development of British oil interests.