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Privatising National Oil Companies
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Book Synopsis National Oil Companies and Value Creation by : Silvana Tordo
Download or read book National Oil Companies and Value Creation written by Silvana Tordo and published by World Bank Publications. This book was released on 2011-07-13 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Approximately two billion dollars a day of petroleum are traded worldwide, which makes petroleum the largest single item in the balance of payments and exchanges between nations. Petroleum represents the larger share in total energy use for most net exporters and net importers. While petroleum taxes are a major source of income for more than 90 countries in the world, poor countries net importers are more vulnerable to price increases than most industrialized economies. This paper has five chapters. Chapter one describes the key features of upstream, midstream, and downstream petroleum operations and how these may impact value creation and policy options. Chapter two draws on ample literature and discusses how changes in the geopolitical and global economic environment and in the host governments' political and economic priorities have affected the rationale for and behavior of National Oil Companies' (NOCs). Rather than providing an in-depth analysis of the philosophical reasons for creating aNOC, this chapter seeks to highlight the special nature of NOCs and how it may affect their existence, objectives, regulation, and behavior. Chapter three proposes a value creation index to measure the contribution of NOCs to social value creation. A conceptual model is also proposed to identify the factors that affect value creation. Chapter four presents the result of an exploratory statistical analysis aimed to determine the relative importance of the drivers of value creation. In addition, the experience of a selected sample of NOCs is analyzed in detail, and lessons of general applicability are derived. Finally, Chapter five summarizes the conclusions.
Book Synopsis A Comparative History of National Oil Companies by : Alain Beltran
Download or read book A Comparative History of National Oil Companies written by Alain Beltran and published by Peter Lang. This book was released on 2010 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proceedings of a conference held in Nov. 2003.
Book Synopsis The Impact of Privatisation by : Stephen Martin
Download or read book The Impact of Privatisation written by Stephen Martin and published by Psychology Press. This book was released on 1997 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade economic policy in the UK and elsewhere has been guided by the belief that resources are used more efficiently in the private sector than under state ownership. Consequently, many formerly state-owned companies have been transferred to the private sector. After surveying the theoretical arguments for and against this hypothesis, this book examines the experience of eleven firms, including British Airways, Rolls-Royce and British Telecom. Various indicators are used to measure each firm's performance before and after privatisation to assess whether this policy has brought about improvements in efficiency. The first four chapters provide background material for the empirical work that follows. Chapter 1 outlines the theoretical arguments for and against the idea that private ownership will be more efficient than state control. Chapter 2 provides brief histories of the eleven organisations studied and chapter 3 discusses how their performance can be measured. Chapter 4 reviews the literature on the relative efficiency of public and private ownership. Chapter 5 considers the impact of privatisation on each of the eleven firms' labour and total factor productivity growth. Chapter 6 performs a similar analysis using two standard accounting ratios (value-added and the rate of profit). Chapter 7 assesses the impact of privatisation on technical efficiency using data envelopment analysis. In chapter 8 the impact of ownership on employment, wage levels and the distribution of business income is considered. The penultimate chapter discusses the restructuring that has followed each company's move into the private sector, and the final chapter summarises the results.
Download or read book Privatization written by John R. Nellis and published by World Bank Publications. This book was released on 1992-01-01 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance, as defined by the World Bank in its 1992 report, Governance and Development, is the manner in which power is exercised in the management of a country's economic and social resources for development. The report deemed it is within the Bank's mandate to focus on the following: -the process by which authority is exercised in the management of a country's economic and social resources -the capacity of governments to design, formulate, and implement policies and discharge functions. Also available: Governance: The World Bank's Experience (ISBN 0-8213-2804-2) Stock No. 12804.
Book Synopsis Oil Privatization, Public Choice and International Forces by : Stephanie M. Hoopes
Download or read book Oil Privatization, Public Choice and International Forces written by Stephanie M. Hoopes and published by Springer. This book was released on 2016-07-27 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major part of the British government's privatization programme, which has been heralded as a radical break in government, were its oil assets. This book uses institutional public choice models to examine the case study of the sale of Britoil, British Petroleum, Enterprise Oil and Wytch Farm, and then re-assembles the pieces to better understand the whole. The extensive interviews provide a full and flavourful background to exploring the actors at four levels of structures: international, state-owned companies, civil service and the political process.
Book Synopsis Reforming Infrastructure by : Ioannis Nicolaos Kessides
Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Book Synopsis Privatization in Eastern Europe by : Roman Frydman
Download or read book Privatization in Eastern Europe written by Roman Frydman and published by Central European University Press. This book was released on 1994-01-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.
Book Synopsis Privatizing Russia by : Maxim Boycko
Download or read book Privatizing Russia written by Maxim Boycko and published by MIT Press. This book was released on 1997-01-22 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatizing Russia offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the fall of 1991, mass privatization was completed on July 1, 1994, with two thirds of the Russian industry privately owned, a rapidly rising stock market, and 40 million Russians owning company shares. The authors, all key participants in the reform effort, describe the events and the ideas driving privatization. They argue that successful reformers must recognize privatization as a process of depoliticizing firms in the face of massive opposition: making the firm responsive to market rather than political influences. The authors first review the economic theory of property rights, identifying the political influence on firms as the fundamental failure of property rights under socialism. They detail the process of coalition building and compromise that ultmately shaped privatization. The main elements of the Russian program -- corporatization, voucher use, and voucher auctions -- are described, as is the responsiveness of privatized firms to outside investors. Finally, the market values of privatized assets are assessed for indications of how much progress the country has made toward reforming its economy. In many respects, privatization has been a great success. Market concepts of property ownership and corporate management are shaking up Russian firms at a breathtaking pace, creating powerful economic and political stimuli for continuation of market reforms. At the same time, the authors caution, the political landscape remains treacherous as old-line politicians reluctantly cede their property rights and authority over firms.
Book Synopsis Oil and Gas Privatisation in Iran by : Reza Molavi
Download or read book Oil and Gas Privatisation in Iran written by Reza Molavi and published by Apollo Books. This book was released on 2012 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores the potential for the privatization of some of Iran's national institutions, in particular whether there is the political will to privatize the Iranian oil and gas industry. This work presents an historical overview of Iran since World War II in order to build a context for the determinants of privatisation policy in Iran.
Book Synopsis Legal Aspects of Privatisation by : Bulent Seven
Download or read book Legal Aspects of Privatisation written by Bulent Seven and published by Universal-Publishers. This book was released on 2002 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main aims of this thesis are as follows:(a) To present a comprehensive analysis of the concept of privatisation its origins and limits, (b) To identify the legal and institutional framework for privatisation in different European countries from a comparative perspective; (c) To define and analyse particularly legal issues which arise during the privatisation transactions: e.g. labour law, competition law etc.; (d) To evaluate which features of the successful legal and organisational framework of privatisation have been successful so as to provide guidelines for those individuals and organisations participating in the privatisation exercises.This work found out that there is no simple, internationally applicable recipe for privatisation; various legal methods and techniques can be used to privatise state owned enterprises. Because each country has different circumstances, it is impossible to provide a unique model for privatisation; each country needs to design its own model according to its circumstances.Privatisation is an essential but insufficient element for structural economic reform in the economy and society. Privatisation is not a panacea, it is not the solution to every economic and administrative problem; selling an enterprise to the private sector does not mean an end to all problems. Also privatisation is not an overnight process or a magic touch; it will be a lengthy process. Furthermore, a decision that something can be privatised does not mean that it should be privatised.In that context, privatisation is not good or bad; it is an economic and social instrument. If it is well designed it may bring substantial benefits to the economy and society.In many countries, many state owned enterprises, particularly the ones which are financially weak, have still not been privatised. This finding revealed that the privatisation process will be in the political and economic agenda for at least few more decades.
Book Synopsis Resources for Reform by : Elana Shever
Download or read book Resources for Reform written by Elana Shever and published by Stanford University Press. This book was released on 2012-06-27 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: While most people live far from the sites of oil production, oil politics involves us all. Resources for Reform explores how people's lives intersect with the increasingly globalized and concentrated oil industry through a close look at Argentina's experiment with privatizing its national oil company in the name of neoliberal reform. Examining Argentina's conversion from a state-controlled to a private oil market, Elana Shever reveals interconnections between large-scale transformations in society and small-scale shifts in everyday practice, intimate relationships, and identity. This engaging ethnography offers a window into the experiences of middle-class oil workers and their families, impoverished residents of shanty settlements bordering refineries, and affluent employees of transnational corporations as they struggle with rapid changes in the global economy, their country, and their lives. It reverberates far beyond the Argentine oil fields and offers a fresh approach to the critical study of neoliberalism, kinship, citizenship, and corporations.
Book Synopsis The Financial Economics of Privatization by : William L. Megginson
Download or read book The Financial Economics of Privatization written by William L. Megginson and published by Oxford University Press. This book was released on 2005-01-13 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.
Book Synopsis The Changing World of Oil: An Analysis of Corporate Change and Adaptation by : Jerome Davis
Download or read book The Changing World of Oil: An Analysis of Corporate Change and Adaptation written by Jerome Davis and published by Routledge. This book was released on 2016-12-14 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines broad questions of industrial change in order to explain developments in the oil industry. In contrast to most other work on this industry, firms are considered to be the dependent variables rather than the future production and demand for oil and gas. An analysis of the industry is made by examining how corporations change their operating environments and are themselves changed by their environments. Particular attention is paid to 'mega-mergers' and to industrial downsizing and outsourcing. The significance of such restructuring for the societies the companies serve is also considered and comprehensive use is made of recent theories of the firm. It shows how such theories can be used to analyze a key world-wide industry. The distinctive approach of this book will help extend readers' understanding of the oil industry beyond the more conventional studies.
Book Synopsis The Official History of Privatisation Vol. I by : David Parker
Download or read book The Official History of Privatisation Vol. I written by David Parker and published by Routledge. This book was released on 2009-01-29 with total page 1030 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume of the Official History studies the background to privatisation, and the privatisations of the first two Conservative Governments led by Margaret Thatcher from May 1979 to June 1987. First commissioned by the then Prime Minister Tony Blair as an authoritative history, this volume addresses a number of key questions: To what extent was privatisation a clear policy commitment within the Thatcher Governments of the 1980s - or did Government simply stumble on the idea? Why were particular public corporations sold early in the 1980s and other sales delayed until well into the 1990s? What were the privatisation objectives and how did they change over time, if at all? How was each privatisation planned and executed, how were different City advisers appointed and remunerated, what precise roles did they play? How was each privatisation administered; in what ways did the methods evolve and change and why? How were sale prices determined? Which government departments took the lead role; what was the input of the Treasury and Bank of England; and what was the relationship between Ministers and civil servants? The study draws heavily from the official records of the British Government to which the author was given full access and from interviews with leading figures involved in each of the privatisations – including ex-Ministers, civil servants, business and City figures, as well as academics that have studied the subject. This new official history will be of much interest to students of British political history, economics and business studies.
Download or read book Privatization written by Madsen Pirie and published by . This book was released on 1988 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Practical Economics by : Nika Gilauri
Download or read book Practical Economics written by Nika Gilauri and published by Springer. This book was released on 2016-12-26 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is open access under a CC BY license. In this book, Nika Gilauri reveals his formulas for government reform and economic recovery, including how to fight against corruption, reform fiscal policy and tax systems, privatize state-owned enterprises, build a welfare system for those most in need, create a competitive education and healthcare system, and streamline procurement. All formulas are corroborated by practical experience and empirical evidence gathered during Mr Gilauri's term as a cabinet member (2004-2009) and prime minister (2009-2012) of Georgia, and provide an in-depth view of what worked in the case of Georgia since 2003, and how lessons learned could be applied in other parts of the world.
Book Synopsis The Privatisation of Knowledge by : Massimo Florio
Download or read book The Privatisation of Knowledge written by Massimo Florio and published by Taylor & Francis. This book was released on 2023-09-14 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the emergence of intellectual monopolies. It explores different ways of producing knowledge, thus showing alternatives to the current dominant paradigm which is based on turning knowledge produced collectively into intangible assets, owned by a few leading corporations. It discusses a paradox: knowledge creation by government-sponsored research infrastructures (RI) or by non-profit institutions, including universities, is increasingly appearing in the form of "open science" - ideas and data are widely available in the public domain. However, such knowledge is privatised downstream by new oligopolies. These oligopolies, such as the Tech Giants, are protected by legislation on intellectual property rights that restricts further access to knowledge. This process contributes to increasing social inequality. The book suggests alternative policy options to counteract this process: the design of new players with a public mission and a coalition of governments as patient investors for the long-term benefit not just of the citizens of one jurisdiction but for creating global public goods. Proposals are presented for launching European R&D infrastructures related to three major long-term challenges: health risks, climate change and Big Data governance. These knowledge-intensive enterprises should offer innovation as a public good, for example in new biomedical fields underinvested by private firms, disruptive ‘green’ technologies, digital platforms based on transparent users’ ownership of data. Offering a balanced combination of theories and practical applications including interesting case studies, the book will appeal to students, scholars and researchers of public economics and governance. It will also find an audience among policymakers, practitioners and government officials.
