The OECD problems connected with providing a nominal amount of aid could be insurmountable. Mr Channon was careful not to raise any false expectations. Point 4 of the line to take (attached) represents the essence of what was said.
Sir Y K also made the following points:
(i)
(ii)
He was disappointed that Davy McKee had not come forward with firm proposals as to how the UK share of the equity should be raised. The DTI position on this is that equity is a matter for the contracting parties;
The project would need a steel operating company as an advisor. Officials present at the meeting said they understood that Davy were considering British Steel Corporation.
I would be grateful if you could let me have a copy of the note of Lord Young's meeting with Sir Y K Pao.
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I am copying this letter to Robert Culshaw (FCO).
Yours
ever,
Michael
DW1CIG
MICHAEL GILBERTSON Private Secretary
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