§ Mr. Skeetasked the Secretary of State for Energy what volume of British National Oil Corporation oil has been sold in advance of acquisition; and over what period forward sales extend.
§ Mr. GrayI refer my hon Friend to the British National Oil Corporation's 1979 accounts for a full description of BNOC's forward oil purchase agreement with Britoil Inc. I am asking the chairman to write to my hon. Friend about the agreements negotiated last winter by the corporation to receive payment in advance for oil to be delivered during 1980–81.