HC Deb 18 February 1975 vol 886 cc353-4W
Mr. Skeet

asked the Secretary of State for Energy if it is Her Majesty's Government's policy to acquire a substantial stake in the Burmah Oil Company.

Mr. Varley

I have nothing to add at present to the statements I made in the

loans and grants received by the National Coal Board from Community sources, including the ECSC, and the European Investment Bank.

Mr. Eadie

Following is the information:

House on the Burmah Oil Company of 17th and 23rd January.

Mr. Trotter

asked the Secretary of State for Energy on what date the Bank of England acquired Burmah Oil Company's shareholding in BP; what was the total price paid; what is the current value of the holding; and how much this value exceeds the cost in value and in percentage terms.

Mr. Varley

On 23rd January 1975 the Bank of England purchased from the Burmah Oil Company Limited 77.8 million ordinary stock units of £1 each of the British Petroleum Company Limited for a total cash sum of £179 million. If it be assumed—as is by no means necessarily the case—that so large a holding could be sold at the current market price, the value of the holding at the close of business on 17th February was £282 million, which is £103 million—or 57.8 per cent.—more than the cost.