HC Deb 14 March 1978 vol 946 cc178-9W
Mr. Norman Atkinson

asked the Chancellor of the Exchequer what is the current position in regard to the State shareholding in the British Petroleum Company Limited compared with the position in 1976 and 1977; and if he will now give an assurance that no further disposal of state shares will take place.

Mr. Joel Barnett

At present the Treasury and the Bank of England between them hold 51 per cent. of the ordinary stock units issued by the British Petroleum Company Limited. In January 1975, as part of the Government's support operation for the Burmah Oil Company Limited, the Bank of England purchased that Company's 20.1 per cent. holding of BP ordinary stock—an acquisition which is currently subject to litigation—which, taken together with the existing public holding of 48.2 per cent. of BP's ordinary stock, gave a total public holding of 68.3 per cent. This was the position through 1976 and up to June 1977 when, as part of the package of economic measures annnounced by my right hon. Friend the Chancellor of the Exchequer of 15th December 1976—[Vol. 922, col. 1532]—the Government offered for sale 66,785,591 ordinary stock units, representing 17.3 per cent. of the total issued BP ordinary stock. This reduced the total public holding of ordinary stock to its present level of 51 per cent., or 197,124,233 ordinary stock units, to which must be added a £1,000 holding of 8 per cent. cumulative first preference stock. There are no plans for further disposals of the Government's holding beyond those offered to the public last year.