§ Mr. Rowlandsasked the Chancellor of the Exchequer when he expects to receive the £85 million proceeds from the first stage payment of the sale of the British Gas Corporation's Wytch Farm interests.
§ Mr. Moore[pursuant to his reply, 8 June 1984, c. 285]: The Government's intention is that net proceeds of the sale of PLO89 should accrue in full to the Exchequer, but that the cost of the sale should not fall on the BGC. Their arrangement with BGC give effect to this. The corporation is therefore retaining the first tranche of the sale proceeds to set aginst their liabilities for tax, royalties and other approved costs in connection with the sale. Pending the settlement of these costs the corporation is holding the balance of these funds as a deposit with the national loans fund. £84.6 million was deposited on 17 May. The deposit is non-interest bearing.