§ Mr. Macleanasked the Secretary of State for Energy if he is able to make any further announcements concerning the privatisation of Enterprise Oil.
§ Mr. Peter WalkerI have today placed copies of the proposed draft articles of association of Enterprise Oil plc. in the Libraries of both Houses. The articles contain provisions for a special share to be retained by the Government. Following the forthcoming offer for sale, the Government will have no continuing involvement in Enterprise Oil, except as the holder of this special share. The provisions of the special share are designed to enable the Government to ensure the continued independence of Enterprise Oil for a limited period. In all other respects Enterprise Oil will be treated by the Government on the same basis as any other private sector oil company.