OIL COMPANY DEAL
LONDON. June 11. The Government is expected to say “Yes” within 24 hours to the sale of the Trinidad Oil Company to the Texas Company for £63.000,000 —the biggest selling price in British history, according to the “Daily Mail” today. The decision, which is still subject to final confirmation today, is based on four considerations:—
Reports from Trinidad that the island’s economy would benefit from the huge investment the Texas com-
pany proposes to make in developing Trinidad’s oil./ Trinidad Oil cannot find the capital to finance the expansion necessary during the next five years, and cannot raise it in London. The great boon to British reserves during these critical months of the
purchase price, which comes to about 180.000.00fi dollars. The weak position of Trinidad if Texas decided to fight instead of buy.
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Bibliographic details
Press, Volume XCIII, Issue 27992, 12 June 1956, Page 13
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137OIL COMPANY DEAL Press, Volume XCIII, Issue 27992, 12 June 1956, Page 13
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