The importance of contractual clarity to the expectations of the host government and the IOC with respect to LCRs and related procurement processes, many modern petroleum agreements and regimes hardly raise or address them. To mitigate and eliminate legal risks relating to the application and implementation of LCRs, especially in the MENA region, investors need to know how LCRs have been dealt with in petroleum contracts and related policies in the MENA region, and how to negotiate clear and realistic LCR provisions when investing in the region.
This paper develops a profile of how local content and procurement questions have been addressed in petroleum agreements and regimes across the MENA region. It analyses emerging best practices
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