Government relents and allows foreign-owned companies a majority stake in projects to boost production
By Patrick Cockburn
"......In a desperate bid to raise production, Mr Shahristani gave foreign companies a major concession this week; they will now be able to take a majority stake in projects to develop oil and gas fields, from which they could be entitled to retain 75 per cent of the profits. He said an investment of $50bn (£35bn) was needed to raise daily output to six million barrels by 2014......[COMMENT: Mission Accomplished, Indeed!]......"
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