"Kuwait will certainly have to face up to various problems in order to attract foreign companies in the event that Project Kuwait is promulgated by Parliament," warned Mr.Hashem al-Refaei,President of Oil Development Company(ODC),the entity set up to implement the project.In an interview with the local newspaper Al-Qabas,Mr.al-Refaei maintained that,compared with other projects proposed by various countries,Project Kuwait was no longer "profitable either strategically,structurally or commercially,gives no right of ownership over oilfields and oil reserves,and provides solely for a rate of remuneration in exchange for work.This rate was fixed several years,ago and has not been modified at all since then."
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