Fossil Fuels: Export Credit Guarantees
(asked on 28th January 2020) - View Source
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what estimate her Department has made of the amount of Government investment provided to (a) oil and (b) gas projects through UK Export Finance in each year since 2015.
UK Export Finance (UKEF) provides support through loans, guarantees and insurance.
UKEF has provided the following amount of support for oil and gas projects since 2015.
| 2015/16 | 2016/17 | 2017/18 | 2018/19 |
Oil | £556m | £355m | £17m | £1.36bn |
Gas | £25m | £375m | £277m | £635m |
Oil & Gas* | £16m | £287m | £0.7m | 0 |
*This category represents projects which comprise a combination of oil and gas and the figures are in addition to the separate oil and gas numbers.
The main reason for the increase in figures for 2018/19 is due to support for Petrobras’ oil exploration and the construction of two power stations in Iraq.