Gulfstream

http://www.ft.com/cms/s/2/99680a04-92a0-11de-b63b-00144feabdc0.html “The Iraqi who saved Norway from oil.” The surprising story of an Iraqi who moved to Norway and apparently became instrumental in establishing the Norwegian oil industry, and especially the way in which it is regulated.

The real achievement, in other words, was not finding oil but coping with its discovery. Norway faced the same dilemma as every other new oil producer with no experience of the industry: if you rely too much on private foreign companies, too little of the oil wealth benefits the country in the form of government revenue or economic development; if you go too far in the other direction, you risk a bloated, politicised oil sector that evades both accountability to the people and competitive pressures to be efficient.

Since 1996, all state profits from oil have been put into a savings fund, which is now equivalent to a year’s GDP. 09:08