§ Dr. Mabon:
As stated in the answer of 14th February 1978, I shall decide on the appropriate level of remuneration of the corporation's equity each year after consultation with the Corporation, in the light of its financial results and prospects.
§ Mr. Skeet
asked the Secretary of State for Energy (1) what is the amount of crude oil available to the British National Oil Corporation at the most recent date for which figures are available; and whether he has given an instruction or direction to the Corporation that sales are to be made available to buyers at market prices or at a discount;
(2) of the oil available to the British National Oil Corporation for marketing, whether the two-thirds refining rule applies to the Corporation as to private companies and what is in fact the percentage of the total oil accruing to the Corporation that has been refined in the United Kingdom and the percentage disposed of abroad.
§ Mr. Skeet
asked the Secretary of State for Energy whether the British National Oil Corporation has complied with his 372W instruction, Official Report, 28th July 1977, Written Answer 380, not to commit substantial quantities of crude oil for more than two years ahead to markets either at home or abroad.
§ Mr. Benn:
As I announced on 25th August, I propose, subject to the outcome of consultations with licensees, to take around 1.5 million tonnes of oil by way of royalty on oil produced in the second half of 1979. BNOC will market this oil. I will report to the House on the decisions taken for future years.