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Bahrain shakes up ownership rules for oil companies as economy stutters

Having announced on 27 May that it had been forced to revise its budget deficit targets upwards, and having recently shied away from some potentially painful austerity measures, Bahrain took steps to regain the reform initiative in early June by announcing that it will allow international oil companies (IOCs) to take 100% ownership of oil and gas drilling activities. The surprise move was revealed by prime minister Khalifa Bin Salman Al-Khalifa in edict number 10, issued on 2 June.

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