§ Mr. Skeetasked 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. VarleyI have nothing to add at present to the statements I made in the
354Wloans and grants received by the National Coal Board from Community sources, including the ECSC, and the European Investment Bank.
§ Mr. Trotterasked 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. VarleyOn 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.