§ Mr. Skeetasked the Secretary of State for Trade (1) how many companies in the United Kingdom have an oil barter capability to facilitate the export of British engineering manufactures; and whether it is his policy to encourage the growth of this form of trading;
(2) to what extent oil barter arrangements have been drawn to his attention as constituting a barrier to trade in the negotiation of large contracts with certain Middle East buyers; and if he will make a statement.
§ Mr. DellThe Iranian Government have indicated that the opportunities for British exporters in Iran could increase at this time if payment could be made in oil rather than in money. The implications are being considered by the Government. I am not aware of any recent case where oil counter-purchase has proved to be a barrier to trade with Iran.