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Add 2 tbsp butter and olive oil to a pan over medium heat. Add rice, garlic salt and parsley and toast rice until just lightly browned.
Add in water and 1/2 cup milk. Bring mixture to a boil, then reduce heat and simmer, covered for about 15 minutes, stirring occasionally until rice is tender and most of the liquid is absorbed.
Stir in the remaining 2 tbsp butter, 1/2 cup milk and parmesan cheese. Season with salt and pepper to taste. Enjoy warm.