You're right fred. If we are going to use quotes in our posts...

You're right fred.

If we are going to use quotes in our posts then we must get them right.

The actual quote you refer to from the 16 Nov progress report is:

'The preferred Farminee is a major international petroleum and energy company. Its reputation, size and independence will provide substantial long term benefits for MEO.'

This does not say 'it is not state owned' rather that it is recognised by the CEO as independent. He does not indicate to what degree of independence though.

This is the sticking point we have been pondering for so long. How much investment can a state have in an independent company before it becomes state owned?

Perhaps the state's promise of oil rights for more shares in the company will tilt the balance so it does become more State owned - and that that this the sticking point in the agreement with MEO.

Petrobras are resisting this but if 'Petrobras may swap shares for about $25 billion worth of oil rights from the federal government' as reported here then a new complexion may be put on the deal.

But it still may not even be Petrobras so it's not worth worrying about.

If we take the CEO's quote literally then it can't really be Petrobras can it?

So it is back to the age old comment - we'll have to wait and see.

#:>))