Libya (British Assets)

HC Deb 10 July 1973 vol 859 c334W

Mr. Skeet

asked the Secretary of State for Foreign and Commonwealth Affairs what the Government are doing to protect British investment in Libya.

Mr. Anthony Royle

We have made repeated representations in the cases in which we have been requested to do so.

Mr. Skeet

asked the Secretary of State for Foreign and Commonwealth Affairs what is the total value of British assets that have been sequestrated in Libya; and for what percentage of the interests compensation has been agreed to be paid and the funds permitted to be repatriated.

Mr. Anthony Royle

The Libyan Government have expropriated British Petroleum's production concession in Libya and all British interests in banking, insurance and petroleum. The total value of British interests taken over by the Libyan Government is in excess of £250 million, of which £240 million is the estimated value of BP's interests. No progress has been made on BP's claim. In certain others the Libyans have agreed to pay compensation but in only one case has a payment been received.