HC Deb 23 January 1975 vol 884 cc468-9W
Mr. Russell Kerr

asked the Secretary of State for Energy what modifications are to be made to the financial support arrangements for Burmah Oil that he announced in the House on 15th January 1975.

Mr. Varley

Following further discussions between the Government, the Bank of England and the company and its advisers, the following modifications to the support arrangements have been agreed. The bank had originally undertaken to provide temporary financial support. In order to implement this undertaking and to help Burmah to meet its estimated cash requirements for 1975 the bank will purchase outright Burmah's unpledged holdings of BP shares and will provide a stand-by facility. In place of the original security of the BP and Shell shares the bank will have a charge on assets of the company in North America.

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