Oil Companies (Government Participation Proposals)

Part of Oral Answers to Questions — Prices and Consumer Protection – in the House of Commons at 12:00 am on 2nd February 1976.

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Photo of Mr Harold Lever Mr Harold Lever , Manchester Central 12:00 am, 2nd February 1976

My hon. Friend calls it a sell-out. The agreement he has mentioned is certainly one that relates well to the particular circumstances of the companies concerned. The effect is that we will have a vote on the operating committee, an option to buy 51 per cent. of the oil, and a title to 51 per cent. of the operation. If my hon. Friend desires that my negotiations should result in acquiring the right to compel companies to sell us their assets at below cost, he has the wrong negotiator.