§ 85. Mr. Ewingasked the Secretary of State for Trade and Industry if he will make a statement on the agreement made 252W with the oil producing countries in relation to new pricing arrangements.
§ Mr. RidleyI am glad that the oil producing states in the Persian Gulf and the international oil companies were able to reach a settlement on the problems arising from the recent currency revaluations. This settlement, whose details have already been made public by the negotiating parties, supplements the Tehran Price Agreement of February, 1971, and is effective from 20th January until the end of 1975.