We note also that you expect to have a problem in securing the loan
the transmission system because CLP are unwilling to give a guarant and the resources of the subsidiary they intend to create remain uncertai No doubt you will inform the EGC if the problem is not resolved within a reasonable period. We note that there will be no formal guarantee for the Units 3 and 4 but understand that, as before, Esso will be involved and the Hong Kong Government will control electricity tariffs in such a way that debt obligations can be met.
We note that these contracts with other firms or likely business would bring ECGD liabilities to a total near £1,250 million.
I confirm our agreement to your offering support for both contracts on the terms and conditions described, subject to the details of cost escalation cover which we still await. This letter does not however cover any provision of CEGB services.
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D Shilson B/E J Ayres FCO PGF Bryant DOT M Oldham DOI D H Twyford ECGD DC Cooper ECGD R Prideaux ODM M Hodgkiss DOT
C W Roberts DOT
A J Havelock DOI
J W Davey MOD
JC W Friend ECGD
J Drummond Gameron ECGD
R Ranson ECGD
RG Lavell HM Treasury
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Yours sincerely
R FORDHAM