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DewDiligence

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DewDiligence

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Re: DewDiligence post# 2378

Thursday, 06/16/2011 9:48:50 AM

Thursday, June 16, 2011 9:48:50 AM

Post# of 30493
Yet another case of resource nationalism:

http://www.reuters.com/article/2011/06/16/kazakhstan-karachaganak-idUSMSC00022920110616

The consortium that owns the Karachaganak gas field in Kazakhstan has agreed to cede a 10 percent stake to the state, ending months of wrangling over its ownership… The Kazakh government will buy half of the stake at market price and secure the other 5 percent free of charge…

Italy's ENI and Britain's BG Group are the biggest shareholders in the international consortium that runs the project, with a 32.5 percent stake each. U.S. major Chevron has 20 percent and Russia's LUKOIL 15 percent.

The word cede is a euphemism for expropriation.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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