§ Mr. Robert Hughesasked the Secretary of State for Energy whether he has given any further interim guarantee in respect of borrowings by Tricentrol North Sea Ltd, for its share of the development cost of the Thistle field.
§ Mr. BennBarclays Bank (London and International) Ltd. and N. M. Rothschild and Sons Ltd. as managers are making arrangements for the raising of finance for Tricentrol Thistle Development Ltd. (formerly Tricentrol North Sea Ltd.). As stated by my predecessor in answer to my hon. Friend the Member for West Stirlingshire (Mr. Canavan) on 30th 69W April—[Vol. 891, c. 174–8]—the Government are prepared to guarantee Tricentrol Thistle Development's borrowings under certain conditions.
Progress is being made with arrangements for this finance, but Tricentrol Thistle Development Ltd. has a continuing requirement for this bridging finance to enable it to meet its share of ongoing development costs for its share of the Thistle field. I informed my hon. Friend the Member for Aberdare (Mr. Evans) on 17th June—[Vol. 893, c. 430–1]—that I had given an interim guarantee for bridging finance of £3 million for this purpose. I have since given a further interim guarantee on 12th August for bridging finance of £7 million, bringing the total to £10 million. I was not able to inform the House of this extension of the interim guarantee at the time it was given as the House was in recess. My guarantee for this sum expires on 10th June 1976. Consideration is being taken for this guarantee on the lines set out in my previous answer. I have also taken appropriate security. The total sum now covered by interim guarantee, £10 million, forms part of my maximum liability of £38.3 million referred to in my predecessor's answer.