DOCSLIB.ORG

Printmgr File

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Printmgr File Form 20-F 2013 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 20-F (Mark One) ‘ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ‘ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number: 1-10888 TOTAL S.A. (Exact Name of Registrant as Specified in Its Charter) Republic of France (Jurisdiction of Incorporation or Organization) 2, place Jean Millier La Défense 6 92400 Courbevoie France (Address of Principal Executive Offices) Patrick de La Chevardière Chief Financial Officer TOTAL S.A. 2, place Jean Millier La Défense 6 92400 Courbevoie France Tel: +33 (0)1 47 44 45 46 Fax: +33 (0)1 47 44 49 44 (Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Name of each exchange on which registered Shares New York Stock Exchange* American Depositary Shares New York Stock Exchange * Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act. None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 2,377,678,160 Shares, par value €2.50 each, as of December 31, 2013 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes Í No ‘ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ‘ No Í Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes Í No ‘ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).** Yes ‘ No ‘ ** This requirement is not currently applicable to the registrant. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Í Accelerated filer ‘ Non-accelerated filer ‘ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: International Financial Reporting Standards as issued by the International U.S. GAAP ‘ Accounting Standards Board Í Other ‘ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item17 ‘ Item 18 ‘ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No Í TABLE OF CONTENTS Page CERTAIN TERMS . i ABBREVIATIONS . ii CONVERSION TABLE . iii Item 1. Identity of Directors, Senior Management and Advisers . 1 Item 2. Offer Statistics and Expected Timetable . 1 Item 3. Key Information . 1 Selected Financial Data . 1 Exchange Rate Information . 2 Risk Factors . 2 Item 4. Information on the Company . 9 History and Development . 9 Business Overview . 9 Other Matters . 46 Item 4A. Unresolved Staff Comments . 78 Item 5. Operating and Financial Review and Prospects . 78 Item 6. Directors, Senior Management and Employees . 91 Directors and Senior Management . 91 Compensation . 99 Corporate Governance . 118 Employees and Share Ownership . 128 Item 7. Major Shareholders and Related Party Transactions . 132 Item 8. Financial Information . 134 Item 9. The Offer and Listing . 137 Item 10. Additional Information . 138 Item 11. Quantitative and Qualitative Disclosures About Market Risk . 151 Item 12. Description of Securities Other than Equity Securities . 152 Item 13. Defaults, Dividend Arrearages and Delinquencies . 152 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds . 152 Item 15. Controls and Procedures . 152 Item 16A. Audit Committee Financial Expert . 153 Item 16B. Code of Ethics . 153 Item 16C. Principal Accountant Fees and Services . 153 Item 16D. Exemptions from the Listing Standards for Audit Committees . 154 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers . 154 Item 16F. Change in Registrant’s Certifying Accountant . 154 Item 16G. Corporate Governance . 154 Item 16H. Mine Safety Disclosure . 157 Item 17. Financial Statements . 157 Item 18. Financial Statements . 157 Item 19. Exhibits . 157 Basis of presentation Financial information included in this Annual Report is presented according to International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union (EU) as of December 31, 2013. Statements regarding competitive position Unless otherwise indicated, statements made in “Item 4. Information on the Company” referring to TOTAL’s competitive position are based on the Company’s estimates, and in some cases rely on a range of sources, including investment analysts’ reports, independent market studies and TOTAL’s internal assessments of market share based on publicly available information about the financial results and performance of market participants. Additional information This Annual Report on Form 20-F reports information primarily regarding TOTAL’s business, operations and financial information relating to the fiscal year ended December 31, 2013. For more recent updates regarding TOTAL, you may inspect any reports, statements or other information TOTAL files with the United States Securities and Exchange Commission (“SEC”). All of TOTAL’s SEC filings made after December 31, 2001, are available to the public at the SEC website at http://www.sec.gov and from certain commercial document retrieval services. See also “Item 10. Additional Information — Documents on Display”. Certain terms Unless the context indicates otherwise, the following terms have the meanings shown below: “acreage” The area, expressed in acres, over which TOTAL has interests in exploration or production. “ADRs” American Depositary Receipts evidencing ADSs. “ADSs” American Depositary Shares representing the shares of TOTAL S.A. “association”/“consortium”/“joint venture” Terms used to generally describe a project in which two or more entities participate. For the principles and methods of consolidation applicable to different types of joint arrangements according to IFRS, refer to Note 1 to the Consolidated Financial Statements. “barrels” Barrels of crude oil, condensates, NGL or bitumen. “Company” TOTAL S.A. “condensates” Condensates are a mixture of hydrocarbons that exist in a gaseous phase at original reservoir temperature and pressure, but that, when produced, exist in a liquid phase at surface temperature and pressure. Condensates are sometimes referred to as C5+. “crude oil” Crude oil is a mixture of compounds (mainly pentanes and heavier hydrocarbons) that exists in a liquid phase at original reservoir temperature and pressure and remains liquid at atmospheric pressure and ambient temperature. “Crude oil” or “oil” are sometimes used as generic terms to designate crude oil plus condensates plus NGL. “Depositary” The Bank of New York Mellon. “Depositary Agreement” The depositary agreement pursuant to which ADSs are issued, a copy of which is attached as Exhibit 1 to the registration statement on Form F-6 (Reg. No. 333-172005) filed with the SEC on February 1, 2011. “Group” TOTAL S.A. and its subsidiaries and affiliates. The terms TOTAL and Group are used interchangeably. “hydrocracker” A refinery unit which uses a catalyst and extraordinarily high pressure, in the presence of surplus hydrogen, to shorten molecules. “liquids” Liquids consist of crude oil, bitumen, condensates and NGL. “LNG” Liquefied natural gas. “LPG” Liquefied petroleum gas is a mixture of hydrocarbons, the principal components of which are propane and butane, in a gaseous state at atmospheric pressure, but which is liquefied under moderate pressure and ambient temperature. LPG is included in NGL. “NGL” Natural gas liquids (NGL) are a mixture of light hydrocarbons that exist in the gaseous phase at atmospheric pressure and are recovered as liquids in gas processing plants; NGL include very light hydrocarbons (ethane, propane and butane). “oil and gas” Generic term which includes all hydrocarbons (e.g., crude oil, condensates, NGL, bitumen and.
Load more

Recommended publications
  • No Politics Without Culture !
    2013 CULTURE & POWER NO POLITICS WITHOUT CULTURE ! 2013 CULTURE & Contents POWER PRODUCE The Think tank 04 BROADCAST The International Meetings 06 Publications 08 Team 10 With a turnover of $2 700 billion world- wide, 6.1% of global GDP, 8 million jobs and 4% of GDP in Europe for culture and creative industries: can governments and companies prepare forward-looking strategies without culture? As budget drops have led governments to cut funding for culture across Europe, China has increased its spending by more than 23%. Digital technology is increasing access to artistic productions in India and across Africa. The Middle Eastern nations are investing more and more in culture across the board. Are we witnes- sing a global power shift in Culture? aurÉLIE FILIPpetti (France) Marjane Satrapi (Iran) NEELIE KROES (Netherlands) French Minister of Culture and Communication Cartoonist and Film Director Vice President digital strategy, European Commission " CULTURAL COMMITMENT IS TO BE TOTALLY Renaud CAPUÇON (France) RETHOUGHT " Violonist Axel Dauchez, President of Deezer - ArteTV JT, 2012 ELIE BARNAVI (Romania) Historian and Scientific Director of the Museum of Europe VIVIANNE REDING (Luxembourg) Vice President, European Commission MORE THAN " IF WE SUccEED christine albanel (France) Former French Minister of Culture and Communi- IN CONVINCING PUBLIC cation - Executive Vice President, Communication, 1000 Philanthropy, Content Strategy, Orange AUTHORITIES, FIRMS PARTICIPANTS PER YEAR AND CITIZENS THAT THESE STAKES ARE AT THE VERY HEART OF OUR ECONOMY,
    [Show full text]
  • Exploration and Production
    2006-2009 Triennium Work Report October 2009 WORKING COMMITTEE 1: EXPLORATION AND PRODUCTION Chair: Vladimir Yakushev Russia 1 TABLE OF CONTENTS Introduction SG 1.1 “Remaining conventional world gas resources and technological challenges for their development” report SG 1.2 “Difficult reservoirs and unconventional natural gas resources” report 2 INTRODUCTION Reliable natural gas supply becomes more and more important for world energy sector development. Especially this is visible in regions, where old and sophisticated gas infrastructure is a considerable part of regional industry and its stable work is necessary for successful economy development. In the same time such regions often are already poor by conventional gas reserves or have no more such reserves. And there is need for searching new sources of natural gas. This is challenge for exploration and production of natural gas requiring reviewing strategies of their development in near future. The most important questions are: how much gas still we can get from mature areas (and by what means), and how much gas we can get from difficult reservoirs and unconventional gas sources? From this point of view IGU Working Committee 1 (Exploration and Production of Natural Gas) has established for the triennium 2006-2009 two Study Groups: “Remaining conventional world gas resources and technological challenges for their development” and “Difficult reservoirs and unconventional natural gas resources”. The purposes for the first Group study were to make definition of such important term now using in gas industry like “mature area”, to show current situation with reserves and production in mature areas and forecast of future development, situation with modern technologies of produced gas monetization, Arctic gas prospects, special attention was paid to large Shtokman project.
    [Show full text]
  • Paris EUROPLACE Is the Paris Financial Services-Led Body, in Charge of Developing and Promoting Paris As an International Financial Center
    Welcome to Paris Your Hub to Europe 2021 Paris EUROPLACE is the Paris financial services-led body, in charge of developing and promoting Paris as an international financial center. Paris EUROPLACE is chaired by Augustin de ROMANET, Chairman and CEO, Aéroports de Paris (ADP). Paris EUROPLACE brings together all financial services industry Missions stakeholders and is the voice for its 400+ members, corporate issuers, investors, banks and financial intermediaries, professional associations, attorneys and accountants, consulting firms, etc., as well as the financial market authorities. Think tanks and Working groups: to enhance the New growing financial sectors: to act as a prominent Paris financial services business regulatory and global financial center in: environment, by supporting reforms and initiatives to improve the attractiveness of the Paris financial center. • Innovation / Fintech: the FINANCE INNOVATION Cluster guides the development of Fintechs in the most European contribution: to participate in European innovative fields: new payment solutions, Blockchain, working groups and consultations on European financial AI, risk management, asset management, insurtech,… markets and establish permanent relations with the European Commission and Parliament. • Sustainable Finance: the Finance for Tomorrow ini- tiative contributes to mobilizing the Paris market players International cooperation: to develop dialogue, close towards a sustainable and low carbon economy, in line ties and cooperation with emerging financial centers with the Paris Agreement. through the signature of MOUs and the organization of International Financial Forums. Financial research: the Institut Louis Bachelier promotes, shares and disseminates research in economics and finance. 2030 Institut Louis Bachelier (ILB) Global Strategy: www.institutlouisbachelier.org FINANCIAL RESEARCH To improve the Paris financial 1.
    [Show full text]
  • Nordstream: an Economic and Market Analysis of the North European Pipeline Project
    Riley, Nordstream: An Economic and Market Analysis of the North European Pipeline Project Nordstream: An Economic and Market Analysis of the North European Pipeline Project Professor Dr. Alan Riley, City Law School, City University, London & Associate Research Fellow, Centre for European Policy Studies, Brussels. 1.0 Introduction Most of the critical discussion in relation to the Nordstream project have focussed upon environmental concerns for example, the construction of the pipelines through the WWII munitions dumps in the Gulf of Finland.1 This paper takes a different approach. It instead examines the underlying economics and market context in which Nordstream will operate. It argues that the cost of Nordstream is already substantially more expensive than land based pipelines and that the costs of building the pipeline are likely to grow.2 As a consequence if the German domestic market remains substantially closed to competition German consumers particularly will face very high prices for Nordstream sourced gas. However, this paper argues that consumers are likely to be offered relief as a result of competition created by EU gas market liberalisation. The paper then argues that rather than consumers facing economic damage, it will instead be the shareholders in Nordstream, Gazprom, Gasuunie, EON and BASF who are likely to suffer3 The impact of gas market liberalisation will be to permit cheaper land based piped gas from alternative sources, for instance from the new British gas hub to flow into Germany and the rest of Europe undercutting Nordstream sourced gas and forcing Nordstream to exit the market. 1 Lips, Possible Environmental` Impacts of the Nordstream Project (2007) Presentation at the Nordstream Project Conference, (February 2007) Vilnius.
    [Show full text]
  • Implementation of the Shtokman Project Is the Launch of Hydrocarbon Reserves Development of the Russian Arctic Shelf A. Y. Mand
    Implementation of the Shtokman Project is the launch of Hydrocarbon Reserves Development of the Russian Arctic Shelf A. Y. Mandel – General Director of OOO Gazprom Dobycha Shelf The depletion of the onshore oil and gas reserves causes the necessity of rapid development of the hydrocarbon fields on the World Ocean s helf. The Russian Federation has the longest continental shelf in the world. As estimated by Russian and western geologists, the greater part of the shelf bears the potential of prospective oil and gas reserves. Above all, it holds true for the Russian Arctic shelf, though only 10% of the required geological information is a vailable. Meanwhile, several unique large oil and gas fields have been discovered in this part of the World Ocean so far; the evaluation has been made of hydrocarbon reserves of some fields in the Barents Sea, the Kara Sea, the East Siberian Sea and others in this re gion. The total estimated hydrocarbon reserves on the Russian Arctic Shelf amount to approx. 18% of their volume on the shelf of the World Ocean. For the last few years OAO Gazprom has intensified the activities on the development of the oil and gas fields on the continental shelf of the Russian Arctic Shelf. The Prirazlomnoye, Shtokman and some other fields of the Obskaya and Tazovskaya Bays are among the top-priority projects to be brought on stream from 2010 to 2020. The Shtokman gas condensate field is the largest and, therefore, the most promising field regarding the determination of the Russian gas development strategy for 50 years ahead.
    [Show full text]
  • Paris EUROPLACE Is the Paris Financial Services-Led Body, in Charge of Developing and Promoting Paris As an International Financial Center
    Welcome to Paris Your Hub to the Eurozone 2019 Paris EUROPLACE is the Paris financial services-led body, in charge of developing and promoting Paris as an international financial center. Paris EUROPLACE is chaired by Augustin de ROMANET, Chairman and CEO, Aéroports de Paris (ADP). Paris EUROPLACE brings together all financial services industry Missions stakeholders and is the voice for its 400+ members, corporate issuers, investors, banks and financial intermediaries, professional associations, attorneys and accountants, consulting firms, etc., as well as the financial market authorities. Think tanks and Working groups: to enhance the New growing financial sectors: to act as a prominent Paris financial services business regulatory and global financial center in: environment, by supporting reforms and initiatives to improve the attractiveness of the Paris financial center. • Innovation / Fintech: the FINANCE INNOVATION Cluster guides the development of Fintechs in the most European contribution: to participate in European innovative fields: new payment solutions, Blockchain, working groups and consultations on European financial AI, risk management, asset management, insurtech,… markets and establish permanent relations with the European Commission and Parliament. • Sustainable Finance: the Finance for Tomorrow ini- tiative contributes to mobilizing the Paris market players International cooperation: to develop dialogue, close towards a sustainable and low carbon economy, in line ties and cooperation with emerging financial centers with the Paris Agreement. through the signature of MOUs and the organization of International Financial Forums. Financial research: the Institut Louis Bachelier promotes, shares and disseminates research in economics and finance. 2030 Institut Louis Bachelier (ILB) Global Strategy: www.institutlouisbachelier.org FINANCIAL RESEARCH To improve the Paris financial 1.
    [Show full text]
  • The Future of Energy and the Case of the Arctic Offshore: the Role of Strategic Management
    Journal of Marine Science and Engineering Article The Future of Energy and the Case of the Arctic Offshore: The Role of Strategic Management Elias G. Carayannis 1, Alina Ilinova 2,* and Alexey Cherepovitsyn 2 1 School of Business, George Washington University, Washington, DC 20052, USA; [email protected] 2 Organization and Management Department, Saint-Petersburg Mining University, 199106 Saint-Petersburg, Russia; [email protected] * Correspondence: [email protected]; Tel.: +7-921-349-3472 Abstract: As risk and uncertainty factors have become more prominent in the already volatile energy market because of the COVID-19 pandemic, the development of Arctic hydrocarbon resources has become a debatable issue. At any rate, oil and gas companies need to improve their strategic manage- ment systems (along with the development of technologies) for the successful implementation of such complex projects. The purpose of this study was to propose the conceptual basis for transforming strategic management and planning systems of oil and gas companies so that they can successfully face global challenges when implementing offshore oil and gas projects in the Arctic as well as provide more sustainable energy sources. The article discusses the current situation with Arctic initiatives and the results of an analysis of price instability in the energy sector, along with an analysis of several megatrends affecting oil and gas companies. All this allows for presenting a conceptual vision of how a strategic management system should be transformed in order to become able to meet the requirements for implementing Arctic projects, with the emphasis being placed on sustainability, management requirements, and the key principles.
    [Show full text]
  • Notice of Meeting COMBINED SHAREHOLDERS' MEETING 2021 Friday May 28, 2021 at 10:00 Am As a Closed Session at the Company's Registered Office
    Notice of meeting COMBINED SHAREHOLDERS' MEETING 2021 Friday May 28, 2021 at 10:00 am As a closed session at the Company's registered office Documents covered by Article R. 225-81 of the French Commercial Code SUMMARY 3 MESSAGE from the Chairman and CEO 4 AGENDA of the Combined Shareholders' Meeting 5 How to VOTE 9 2020 RESULTS Key figures and outlook 14 COMPOSITION of the Board of Directors of TOTAL SE 16 Board of Directors’ report on the proposed RESOLUTIONS 29 Proposed RESOLUTIONS 02 I TOTAL Combined Shareholders’ Meeting 2021 MESSAGE from the Chairman and CEO Dear Madam/Sir, Dear Shareholders, For the second year running, your Annual Shareholders’ Meeting will be held in a closed session at the Company headquarters on Friday, May 28, 2021 at 10 am. We have no other choice, given that the emergency health situation owing to the Covid-19 pandemic has been extended until June 01, and that the ultimate priorities are to ensure that you are not exposed to any health risks, and to guarantee everyone equal access to the Shareholders’ Meeting. In 2020, your commitment to supporting the resolutions approved by your Board of Directors and your high level of participation (over 500 questions asked ahead of the Shareholders’ Meeting and live), proved that shareholder democracy thrives in your Company. Once again this year, we are doing our utmost to make remote attendance easy for you: Ý Ahead of the Shareholders’ Meeting, we invite you to vote either via Internet using the simple and secure system, or via postal mail.
    [Show full text]
  • Petroleum Activity in the Russian Barents Sea
    FNI Report 7/2008 Petroleum Activity in the Russian Barents Sea Constraints and Options for Norwegian Offshore and Shipping Companies Arild Moe and Lars Rowe Petroleum Activity in the Russian Barents Sea Constraints and Options for Norwegian Offshore and Shipping Companies Arild Moe and Lars Rowe [email protected] – [email protected] Report commissioned by the Norwegian Shipowners’ Association September 2008 Copyright © Fridtjof Nansen Institute 2008 Title Petroleum Activity in the Russian Barents Sea: Constraints and Options for Norwegian Offshore and Shipping Companies Publication Type and Number Pages FNI-Report 7/2008 26 Authors ISBN Arild Moe and Lars Rowe 978-82-7613-530-5-print version 978-82-7613-531-2-electronic version Project ISSN 0879 1504-9744 Abstract Presently most attention in the Barents Sea is given to the Shtokman project. Experience from development of this field, where there are still many uncertainties, will have large consequences for the further development program and relations with foreign companies. The exploration activity going on is fairly limited, but over the last few years there has been a struggle over licenses and control over exploration capacity. In the medium term the goal of rapid development of the Arctic continental shelf has become intertwined with a comprehensive government effort to modernise the domestic shipbuilding industry to make it able to cover most of the needs offshore. With the shipbuilding industry in a deep crisis these goals are not fully reconcilable. Russia will either have to accept more foreign involvement, or scale down its offshore ambitions. We believe a combination of the two alternatives is likely.
    [Show full text]
  • The Impact of Us Lng on Russian Natural Gas Export Policy
    THE IMPACT OF US LNG ON RUSSIAN NATURAL GAS EXPORT POLICY BY TATIANA MITROVA AND TIM BOERSMA DECEMBER 2018 ABOUT THE CENTER ON GLOBAL ENERGY POLICY The Center on Global Energy Policy provides independent, balanced, data-driven analysis to help policymakers navigate the complex world of energy. We approach energy as an economic, security, and environmental concern. And we draw on the resources of a world- class institution, faculty with real-world experience, and a location in the world’s finance and media capital. Visit us at www.energypolicy.columbia.edu @ColumbiaUenergy ABOUT THE SCHOOL OF INTERNATIONAL AND PUBLIC AFFAIRS SIPA’s mission is to empower people to serve the global public interest. Our goal is to foster economic growth, sustainable development, social progress, and democratic governance by educating public policy professionals, producing policy-related research, and conveying the results to the world. Based in New York City, with a student body that is 50 percent international and educational partners in cities around the world, SIPA is the most global of public policy schools. For more information, please visit www.sipa.columbia.edu THE IMPACT OF US LNG ON RUSSIAN NATURAL GAS EXPORT POLICY BY TATIANA MITROVA AND TIM BOERSMA DECEMBER 2018 1255 Amsterdam Ave New York NY 10027 www.energypolicy.columbia.edu @ColumbiaUenergy THE IMPACT OF US LNG ON RUSSIAN NATURAL GAS EXPORT POLICY ACKNOWLEDGEMENTS For comments on earlier drafts of this paper and editorial guidance, the authors would like to thank Jason Bordoff, Jonathan Elkind, Anna Galkina, Matthew Robinson, Morena Skalamera, Rik Komduur, and Megan Burak. All remaining errors are the authors’ own.
    [Show full text]
  • Gazprom: Gas Giant Under Strain
    Gazprom: Gas Giant Under Strain Nadejda Makarova Victor Working Paper #71 January 2008 The Program on Energy and Sustainable Development at Stanford University is an interdisciplinary research program focused on the economic and environmental consequences of global energy consumption. Its studies examine the development of global natural gas markets, the role of national oil companies, reform of electric power markets, international climate policy, and how the availability of modern energy services, such as electricity, can affect the process of economic growth in the world’s poorest regions. The Program, established in September 2001, includes a global network of scholars—based at centers of excellence on five continents—in law, political science, economics and engineering. It is based at the Freeman Spogli Institute for International Studies. Program on Energy and Sustainable Development Freeman Spogli Institute for International Studies Encina Hall East, Room E415 Stanford University Stanford, CA 94305-6055 http://pesd.stanford.edu About the National Oil Company Study While the role of the state is declining in nearly every sector of world economic activity, in hydrocarbons the pattern is quite different. State-controlled oil companies—so-called national oil companies (NOCs)— remain firmly in control over the vast majority of the world's hydrocarbon resources. Some NOCs are singular in their control over their home market; others engage in various joint ventures or are exposed to competition. PESD’s study on National Oil Companies focuses on fifteen NOCs: Saudi Aramco, NIOC (National Iranian Oil Co), KPC (Kuwait Petroleum Co), PDVSA (Petróleos de Venezuela) , ADNOC (Abu Dhabi National Oil Company), NNPC (Nigerian National Petroleum Co), PEMEX, Gazprom , Sonatrach, CNPC, Petrobras, Petronas, ONGC, Sonangol, and Statoil.
    [Show full text]
  • NOTICE of MEETING Combined Shareholders’ Meeting Ordinary and Extraordinary
    2016NOTICE OF MEETING Combined Shareholders’ Meeting Ordinary and Extraordinary Paris, 18 March 2016 Dear fellow Shareholder, The Combined Shareholders’ Meeting (Ordinary and Extraordinary) of Peugeot S.A. shareholders will be held on Wednesday, 27 April 2016 at 10:00 a.m. at the Company’s headquarters. The Meeting will be chaired by Louis Gallois, Chairman of the Supervisory Board. For you as a shareholder, the Meeting offers an opportunity WEDNESDAY, 27 APRIL 2016 to learn about PSA’s business during the year and most importantly, to express your opinion before the vote on at 10:00 a.m. the proposed resolutions. The Shareholders’ Meeting is a special occasion to find out more about your Company at Company’s headquarters and to exchange views with management. We value the participation of all our shareholders. You 75 avenue de la Grande-Armée will find below all of the information you need to take part in the voting. I would like to thank you in advance 75116 Paris – France for paying careful attention to the resolutions submitted for your approval. Sincerely yours, Carlos Tavares Chairman of the Managing Board CONTENTS REPORT OF THE SUPERVISORY BOARD 3 PARTICIPATING IN THE SHAREHOLDERS’ MEETING 4 AGENDA 9 REPORT OF THE MANAGING BOARD ON THE RESOLUTIONS PRESENTED AT THE COMBINED SHAREHOLDERS’ MEETING 11 TEXT OF THE PROPOSED RESOLUTIONS 25 CORPORATE GOVERNANCE 32 NOMINATIONS SUBMITTED 33 2015 BUSINESS REVIEW 46 AUDITORS’ REPORT 51 REQUEST FOR DOCUMENTS AND INFORMATION 63 For more information concerning Peugeot S.A. or how to participate in the Shareholders’ Meeting, please contact INVESTOR RELATIONS: PHONE +33 (0) 1 40 66 37 60 MAIL PEUGEOT S.A.
    [Show full text]