Harbour Energy: LetterOne
The question
To ask the Minister for the Cabinet Office, with reference to the oral contribution of the Secretary of State for Scotland in response to the question from the hon. Member for Dumfries and Galloway of 4 September 2024, Official Report, column 298, when he plans to provide a written response to that question.
Answered by Ms Abena Oppong-Asare
This was an acquisition of Harbour Energy shares by BASF and LetterOne, with LetterOne receiving a class of non-voting shares which does not give it the ability to influence Harbour Energy. On 30 July 2024, following a detailed national security assessment, the Chancellor of the Duchy of Lancaster imposed a necessary and proportionate Final Order under the National Security and Investment Act on the acquisition of a 46.5% shareholding of Harbour Energy plc by BASF Handels-Und Export GmbH. The Final Order and the conditions imposed within it enable the Chancellor of the Duchy of Lancaster to consider further the exercise of his powers under the Act should a share conversion lead to: LetterOne owning 10% or more ordinary shares in Harbour Energy; and/or the appointment of a Harbour Energy plc board member by LetterOne. The Chancellor of the Duchy of Lancaster has a statutory duty to keep all Final Orders under review and will exercise this power if and when necessary.
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