Search Legislation

Petroleum Act 1998

Status:

This is the original version (as it was originally enacted).

47Loans for development

(1)Where it appears to the Secretary of State expedient to do so for the purpose of facilitating or maintaining the development of the petroleum resources of the United Kingdom, he may with the approval of the Treasury—

(a)make loans to an oil company on terms determined by him; or

(b)guarantee on such terms the repayment of the principal of and the payment of interest on loans made to an oil company by another person.

(2)The aggregate amount for the time being outstanding in respect of the principal of loans made under subsection (1)(a) shall not exceed £50,000,000.

(3)The aggregate amount of—

(a)the principal sums in respect of which guarantees under subsection (1)(b) are for the time being in force; and

(b)the payments on account of principal sums which have been made by the Secretary of State under such guarantees and not recovered by him,

shall not exceed £600,000,000.

(4)Immediately after making a loan or giving a guarantee under subsection (1), the Secretary of State shall lay a statement relating to it before each House of Parliament.

(5)Where any sum is issued for fulfilling a guarantee given under subsection (1) the Secretary of State shall, as soon as possible after the end of each financial year (beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest thereon is finally discharged), lay before each House of Parliament a statement relating to that sum.

(6)In subsection (1) “oil company” means a body corporate which in the opinion of the Secretary of State has as its principal object—

(a)the production of petroleum;

(b)the refining of petroleum;

(c)the production and refining of petroleum; or

(d)the supplying of petroleum in a case where any of its other objects is one of those mentioned in paragraphs (a) to (c).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources