§ Mr. Skeetasked the Secretary of State for Energy how much of the dollar loan to the British National Oil Corporation remains outstanding; and what percentage of the crude oil in the property of the Corporation must be set aside to repay the United States of America advances.
§ Mr. GrayI refer my hon. Friend to the 1978 report and accounts of the British National Oil Corporation which set out the position concerning BNOC's forward sale of oil financing. I understand the position has not changed since the report and accounts were printed. On the second part of the question, the amount of oil needed to repay the financing will depend almost entirely on the price of oil during the repayment period; however, details of oil quantities available to BNOC are commercially confidential.