Preheat the oven to 325 degrees and grease a large baking sheet. In the bowl of an electric mixer or with a handheld mixer, beat the butter and corn oil together until creamy. Add the sugar and continue beating until thoroughly combined. Add the orange zest and juice and mix in. Combine the baking powder and baking soda with 1/2 cup of the flour and beat that in. Add the remaining flour 1/4 cup at a time and mix until a medium-stiff dough is formed, adding a little less or a little more as necessary to achieve the correct consistency. The dough should hold its shape without collapsing. Shape the dough by teaspoonfuls into 2 inch long ovals and transfer them to the baking sheet 1 1/2 inches apart. Bake on the middle rack for about 20 minutes, until just golden. Cool on wire racks.
While the cookies are cooling, combine the sugar, honey, and water in a small sauce pan and bring to a boil. Boil for 2 minutes, then reduce the heat so that the mixture is simmering. With a slotted spoon, gently dip the cooled cookies into the syrup just for a moment, making sure all sides are evenly coated. Take extra care to be gentle when handling the cookies or they may break apart. Again place the cookies on the wire racks and immediately sprinkle them with the walnuts, while they are still warm. Dry on the rack for 20 minutes.
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