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World Economic Forum on the Middle East and North Africa Advancing Conditions for Growth and Resilience
Regional Agenda World Economic Forum on the Middle East and North Africa Advancing Conditions for Growth and Resilience Dead Sea, Jordan 24-26 May 2013 © World Economic Forum 2013 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum. REF 280513 Contents Preface 3 Preface At a time of profound societal shifts, renewed efforts to overcome long-standing fault lines, and the acute Syria crisis, the 2013 4 News from the Dead Sea World Economic Forum on the Middle East and North Africa at 6 New Partnerships for Arab the Dead Sea in Jordan provided business, government and civil society leaders, an opportunity to gain insight on pivotal trends and Employment, Entrepreneurship catalyse common action on the most pressing regional issues. and Infrastructure 14 Strengthening Economic Convening under the theme Advancing Conditions for Growth and Governance Resilience, the meeting brought together over 1,000 key leaders, representing diverse economic, political, social and religious 22 Advancing Regional outlooks to harness the region’s potential and focus on resolving its Cooperation and Resilience biggest challenges. The region’s transformations have by no means Miroslav Dusek come to an end. However, the region has all the ingredients for 32 Acknowledgements Director success: a youthful population eager to contribute to the region’s Head of Middle East 33 Further Information economy, large energy endowments and some of the fastest- and North Africa growing economies globally. -
Crescent Enterprises E Newsletter July 2014
Operating across multiple core sectors of the global economy Monthly News OPERATIONAL NEWS - SPOTLIGHT - CORPORATE CITIZENSHIP- CORPORATE INSIGHT Issue 2: July 2014 OPERATIONAL NEWS GULFTAINER - GAMA AVIATION - CLINICAL PATHOLOGY SERVICES - TVM CAPITAL - ABRAAJ GROUP - CE VENTURES GULFTAINER ENTERS USA WITH ‘PROJECT PELICAN’ “Awarded 35-year Concession on Port Canaveral’s Terminal” June 26, 2014, marked yet another achievement in Gulftainer’s strategic expansion across the globe, with the completion of its two year venture known as “Project Pelican,” a 35-year cargo operating deal with the Port Canaveral in Florida. Through its new partnership Gulftainer will operate and further develop the container and multi-purpose cargo terminal, set to commence operations in the fourth quarter of 2014. Over 700,000 containers will eventually be handled each year from the port, complementing Gulftainer’s efforts to triple its business volumes worldwide by 2020, with more than 10,000 vessel calls each year handling a total of 18 million containers. Gulftainer will also strengthen the terminal through a $100 million investment in infrastructure, equipment and locally-sourced human capital. Not only is the new container and cargo terminal expected to generate $280 million of revenue to Port Canaveral, but it will also contribute more than $630 million to Florida’s economy and generate more than $350 million in tax contributions. Port authorities also announced at the official signing ceremony in Florida, that the new relationship will generate 2,000 direct and spinoff jobs once fully operational, which also includes 500 at the port itself. The container operation at Port Canaveral is Gulftainer’s first in the United States. -
“What Could Possibly Go Wrong?”
“WHAT COULD POSSIBLY GO WRONG?” SECRET DEAL ALLOWS COMPANY TIED TO SADDAM’S NUCLEAR BOMBMAKER, IRAN AND U.A.E. TO MANAGE KEY FLORIDA PORT FACILITIES An Occasional Paper of the Center for Security Policy By: Alan Jones and Mary Fanning 23 December 2016 1 Gulftainer’s Port Canaveral cargo container terminal (left), Saddam Hussein awarding a medal to Iraqi nuclear physicist Dr. Jafar Dhia Jafar, considered the “father of Iraq’s nuclear weapons program” (right) In 2015 President Barack Obama’s Administration quietly approved the hand-over of cargo container operations at Florida’s Port Canaveral to Gulftainer, a Middle Eastern ports company owned by the Emir of Sharjah of the United Arab Emirates (UAE) and Iraqi businessman Hamid Dhia Jafar. Hamid Jafar is the brother and the business partner of Dr. Jafar Dhia Jafar -- the Baghdad-born nuclear physicist who masterminded Saddam Hussein’s nuclear weapons program. UAE-based port operator Gulftainer, a subsidiary of The Crescent Group, was awarded the 35- year no-bid lease at Port Canaveral in 2014 following two years of secret talks in a deal code-named “Project Pelican.” Treasury Secretary Jacob “Jack” Lew declined1 to conduct a Committee on Foreign Investment (CFIUS) National Security Threat Analysis that, under the Foreign Investment & National Security Act of 2007 (FINSA), is required for transactions affecting America’s critical infrastructure and U.S. national security. Port Canaveral is in close proximity to a U.S. Navy nuclear submarine base, two U.S. Air Force Space Command bases, and NASA’s Kennedy Space Center. Gulftainer has port operations in the UAE, Iraq, Saudi Arabia, Lebanon, Pakistan, Turkey, Brazil, and Russia. -
Financing Options in the Oil and Gas Industry, Practical Law UK Practice Note
Financing options in the oil and gas industry, Practical Law UK Practice Note... Financing options in the oil and gas industry by Suzanne Szczetnikowicz and John Dewar, Milbank, Tweed, Hadley & McCloy LLP and Practical Law Finance. Practice notes | Maintained | United Kingdom Scope of this note Industry overview Upstream What is an upstream oil and gas project? Typical equity structure Relationship with the state Key commercial contracts in an upstream project Specific risks in financing an upstream project Sources of financing in the upstream sector Midstream, downstream and integrated projects Typical equity structures What is a midstream oil and gas project? Specific risks in financing a midstream project What is a downstream oil and gas project? Specific risks in financing a downstream project Integrated projects Sources of financing in midstream, downstream and integrated projects Multi-sourced project finance Shareholder funding Equity bridge financing Additional sources of financing Other financing considerations for the oil and gas sectors Expansion financings Hedging Refinancing Current market trends A note on the structures and financing options and risks typically associated with the oil and gas industry. © 2018 Thomson Reuters. All rights reserved. 1 Financing options in the oil and gas industry, Practical Law UK Practice Note... Scope of this note This note considers the structures, financing options and risks typically associated with the oil and gas industry. It is written from the perspective of a lawyer seeking to structure a project that is capable of being financed and also addresses the aspects of funding various components of the industry from exploration and extraction to refining, processing, storage and transportation. -
Youth Employment in Arab Resource-Endowed Economies
Regional Agenda A New Vision for Arab Employment Youth Employment in Arab Resource-Endowed Economies Project Update First Quarter, 2014 Contents 3 Introduction 4 Dynamics and Vulnerabilities of the Current Employment System 9 Insights from the Session at the World Economic Forum Annual Meeting 2014 9 Next Steps 10 Annex: Acknowledgements © World Economic Forum 2014 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum. REF 200614 2 A New Vision for Arab Employment Introduction In light of the long-term economic aspirations of the Arab world as well as the current social context, addressing the employment challenge is at the top of policy and business agendas. Generating economic opportunities for the youth is a particularly high-stake issue, with Middle East and North Africa recording the world’s highest youth unemployment rate at 27%. There is a clear need to develop action-oriented partnerships that will deliver job opportunities in the quantity and quality and at the pace necessary to address the urgency of the challenge. This requires an extraordinary increase in collaboration, innovation and commitment. Initiated by the World Economic Forum and its Middle East and North Africa Business Council in May Hala Hanna 2013, the New Vision for Arab Employment initiative provides a neutral platform to facilitate these Senior Programme Manager and Global partnerships. -
JKX Oil & Gas Plc Annual Report 2014
JKX Annual 2014 Report Oil plc & Gas JKX Oil & Gas plc Annual Report 2014 JKX Oil & Gas plc, 6 Cavendish Square, London W1G 0PD +44 (0)20 7323 4464 Welcome to our 2014 Report and Accounts. We want to be recognised as one of the leading independent upstream exploration and production companies in central and eastern Europe. The Company’s commitment to Ukraine and Russia is currently being tested with heightened levels of political risk and the commercial uncertainties noted on page 12. The region continues to offer development opportunities in the medium to long term. In the short to medium term, the Company is focusing on maintaining its liquidity by minimising capital expenditure and operating costs in Ukraine and Russia. Inside: Strategic report Governance Overview Board composition 82 Our business – at a glance 4 Corporate governance 84 Market overview 8 Audit Committee Report 92 Performance summary 13 Directors’ Remuneration Chairman’s statement 14 Report 98 Directors’ report – Strategy other disclosures 116 Chief Executive’s statement 17 Strategic priorities 20 Priority 1 22 Priority 2 26 Priority 3 30 Financial statements Performance Independent auditors’ report – Group 122 Performance in 2014 34 Group fi nancial statements 128 Financial review 36 Independent auditors’ Operational review 42 report – Company 171 Principal risks and how Company fi nancial we manage them 48 statements 173 Corporate Social Responsibility 62 JKX Oil & Gas plc Annual Report 2014 2 Strategic report Governance Financial statements 2-79 80-119 120-182 3 Strategic -
World Economic Forum Special Meeting on Unlocking Resources for Regional Development
Regional Agenda World Economic Forum Special Meeting on Unlocking Resources for Regional Development Istanbul, Turkey 28-29 September 2014 Contents 3 Preface 4 Meet the Programme Champions 6 Peace, Stability and Security as Preconditions for Regional Development 10 Building Entrepreneurial and Inclusive Economies 14 Infrastructure as a Platform for Growth 20 Shifting Energy Dynamics 26 The Future of the Region and Turkey’s Forthcoming G20 Chairmanship 30 Conclusion 32 Acknowledgements 33 Further Information 34 Upcoming Meetings © World Economic Forum 2014 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum. REF 131014 Preface While geopolitical instability is members of cabinet, enabled many threatening peace and security discussions over the role of regional and dominating many agendas leadership and the opportunity across Europe, the Middle East for businesses and civil society to and North Africa (MENA), and positively contribute to the region’s Eurasia, government, business and shared future. civil society leaders cannot risk losing sight of the ultimate goals Istanbul, as a hub for the global of ensuring economic growth and business community and a providing sustainable prosperity for geographical and cultural nexus for all. Achieving these goals requires Europe, MENA and Eurasia, provided concerted and coordinated action an ideal venue for participants to Nicholas Davis from all stakeholder groups, to explore how all three regions can Director manage shared risks and to better unlock resources for development Head of Europe, understand, adapt to and shape and harness the entrepreneurial spirit World Economic Forum national and regional transformations. -
Seismic Reflections | 5 August 2011
1 | Edison Investment Research | Seismic reflections | 5 August 2011 Seismic reflections Confidence in Kurdistan grows Iraq, including the autonomous Kurdistan region, probably has the world’s largest concentration of untapped, easily recoverable oil reserves. Pioneering moves were made into Kurdistan in the 2000s by the likes of Gulf Keystone and Hunt Oil, with considerable drill-bit success. In late July, two important Kurdistan exploration and development deals were announced. These involve Afren acquiring interests in two PSCs with sizeable contingent reserves and a Hess-Petroceltic partnership signing two PSCs for exploration purposes. With increasing production and Analysts improving relations between the regional and Iraqi federal governments, Ian McLelland +44 (0)20 3077 5756 these deals reflect growing confidence in Kurdistan’s potential as a major Peter J Dupont +44 (0)20 3077 5741 new petroleum province. Elaine Reynolds +44 (0)20 3077 5700 Krisztina Kovacs +44 (0)20 3077 5700 Anatomy of the Kurdistan oil province [email protected] 6,000 Kurdistan is located in the North Arabian basin and is on same fairway as the 5,500 prolific oilfields of Saudi Arabia’s Eastern Province, Kuwait, southern Iraq and Syria. 5,000 4,500 The geological backdrop to Kurdistan tends to be simple and is characterised by 4,000 3,500 large anticlinal structures, deep organic-rich sediments and carbonate reservoirs 3,000 mainly of Jurassic to Cretaceous age. Drilling commenced in the region in 2006. So far, 28 wells have been drilled, of which 20 have been discoveries, resulting in A pr/11 Oct/10 Jun/11 Fe b/11 Aug/10 Dec/10 Aug/11 estimated reserves of over 5.8bn boe. -
Description Holding Book Cost Market Price Market Value £000'S £000'S
DORSET COUNTY PENSION FUND VALUATION OF PORTFOLIO AT CLOSE OF BUSINESS 31 March 2017 Book Market Description Holding Market Value Cost Price £000's £000's UK EQUITIES MINING ACACIA MINING 33,000 147.93 4.502 148.57 ANGLO AMERICAN ORD USD0.54 270,390 2,804.18 12.27 3,317.69 ANTOFAGASTA ORD GBP0.05 74,500 151.50 8.355 622.45 BHP BILLITON ORD USD0.50 436,926 2,401.54 12.395 5,415.70 CENTAMIN EGYPT LTD 226,000 349.07 1.732 391.43 FRESNILLO 35,500 88.20 15.52 550.96 GLENCORE XSTRATA 2,412,543 5,662.91 3.141 7,577.80 HOCHSCHILD MINING ORD GBP0.25 49,000 108.90 2.765 135.49 KAZ MINERALS 53,600 89.80 4.551 243.93 PETRA DIAMONDS 106,900 169.67 1.329 142.07 POLYMETAL INT'L 53,800 514.30 9.945 535.04 RANDGOLD RESOURCES ORD USD0.05 19,250 485.32 69.7 1,341.73 RIO TINTO ORD GBP0.10 (REG) 250,150 2,876.49 32.185 8,051.08 VEDANTA RESOURCES ORD USD0.10 18,500 75.07 8.11 150.04 Total MINING 15,924.89 28,524.69 OIL & GAS PRODUCERS AFREN PLC 218,000 215.93 0 0.00 BP ORD USD0.25 3,948,100 13,177.95 4.5885 18,115.86 CAIRN ENERGY ORD GBP0.06153846153 119,207 236.32 2.048 244.14 NOSTRUM OIL & GAS 17,700 84.36 4.796 84.89 ROYAL DUTCH 'B' ORD EUR0.07 1,642,961 20,190.09 21.945 36,054.78 TULLOW OIL ORD GBP 0.10 188,500 789.92 1.99026 375.16 Total OIL & GAS PRODUCERS 34,694.58 54,658.45 CHEMICALS CRODA INTL ORD GBP0.10 26,995 211.15 35.77 965.61 ELEMENTIS 99,000 130.23 2.899 287.00 JOHNSON MATTHEY ORD GBP1.00 40,357 446.31 30.82 1,243.80 SYNTHOMER 57,665 118.87 4.751 273.97 VICTREX ORD GBP0.01 17,000 111.61 19.02 323.34 Total CHEMICALS 1,018.16 3,087.91 CONSTRUCTION -
UK Bribery Digest
UK Bribery Digest Edition 14 September 2020 UK BRIBERY DIGEST | EDITION 14 CONTENTS WELCOME Click to continue 1 | UK Bribery Digest Edition 14 | September 2020 Regulatory and enforcement landscape: Guidance released for an effective compliance programme Over the last 18 months we have seen a significant encourage more effective collaboration between key volume of updated compliance guidance being issued players within an organisation. by regulators and enforcement agencies. Whilst these releases are from regulators and As part of their Operational Handbook, the Serious enforcement agencies in different jurisdictions, Fraud Office (SFO) released the ‘Corporate Co- due to the increasingly global reach of white-collar operation Guidance’ in August 2019, and in crime legislation and the increased cross border January 2020, released an updated chapter on the cooperation between enforcement agencies, ‘Evaluating a Compliance Programme’. a multinational corporation would be naïve to focus on a single framework. Instead, most global With little to no warning, in June 2020 the United businesses set a standard which at least meets States Department of Justice (DoJ) also released • Transparency International — Business principles the requirements of all the leading legislation and updated guidance on the ‘Evaluation of Corporate for countering bribery guidance. By way of example of the increasingly Compliance Programs’. This was followed with an global nature of guidance, the latest FCPA Resource • United Nations Global Compact — The ten updated -
Annual Report 2018
Dana Gas PJSC Annual Report & Accounts 2018 & Accounts Annual Report Ambitious growth plans follow exceptional year Dana Gas PJSC Annual Report & Accounts 2018 Contents Overview Financial Statements 1 Highlights 58 Independent Auditor’s Report to the 2 Dana Gas at a Glance Shareholders of Dana Gas PJSC 62 Consolidated Income Statement Business Review 63 Consolidated Statement of Other 4 Chairman’s Statement Comprehensive Income 8 CEO Message 64 Consolidated Statement of 12 Board of Directors Financial Position 16 International Advisory Board 65 Consolidated Statement of 18 Management Cash Flows 20 Market Overview 66 Consolidated Statement of 22 Operational Review Changes in Equity 32 Financial Review 2018 67 Notes to the Consolidated 38 HSSE Financial Statements 42 Risk Management 46 Corporate Governance 50 Our People 52 Corporate Social Responsibility 04 22 Chairman’s Operational Statement Review 2018 was an exceptional Balancing investments year for the Company against collections 32 08 Financial CEO Message Review 2018 A year of positive Maintaining a healthy change and conclusions cash balance for Dana Gas Overview Overview Business Review Financial Statements Highlights Gross revenue (million US$) EBITDA (million US$) US$2017: US$450mm470mm US$2017: US$334mm230mm 2018 470 2018 230 2017 450 2017 334 2016 392 2016 207 Net profit (million US$) Cash balance (million US$) US$2017: US$83mm64mm US$2017: US$608mm407mm 2018* 64 2018 407 2017 83 2017 608 2016 (88) 2016 302 *Profit excluding one-off non-cash impairment of US$250mm Production (kboed) 2P reserves (mmboe) kboepd mmboe 63.12017: 67.6 kboepd 1,0792017: 1,132 mmboe 2018 63.1 2018 1,079 2017 67.6 2017 1,132 2016 67.1 2016 1,155 Dana Gas is the Middle East’s first and largest regional private sector natural gas company. -
World Economic Forum on the Middle East and North Africa Overview
Regional Agenda World Economic Forum on the Middle East and North Africa Overview Dead Sea, Jordan 19-21 May 2017 Enabling a Generational Co-Chairs Transformation Dominic Barton, Global Managing Partner, McKinsey & Company, United Kingdom Background Khaled H. Biyari, Chief Executive Officer, Saudi Telecom, The transformation of the Middle East and North Africa Saudi Arabia region has never been as fast and complex as it is today. Pressure on government revenues, continued geopolitical Børge Brende, Minister of Foreign Affairs of Norway shifts and humanitarian challenges are leading policy- makers to rethink youth empowerment in the region, Philippe Le Houérou, Executive Vice-President and diversify away from oil dependence and address their Chief Executive Officer, International Finance Corporation, response to the growing refugee crisis. The Fourth Industrial Washington DC Revolution and the reform momentum in many countries in the region are creating a unique opportunity for business, Majid Jafar, Chief Executive Officer, Crescent Petroleum, civil society and government to jointly boost inclusive and United Arab Emirates; Young Global Leader sustainable development. Khadija Idrissi Janati, Founder and Chief Executive Officer, Given Jordan’s central role in the region, the World KMK Group, Morocco; Young Global Leader Economic Forum on the Middle East and North Africa will convene more than 1,000 key leaders from government, Maurice Lévy, Chairman and Chief Executive Officer, business and civil society at the Dead Sea to support a Publicis Groupe, France comprehensive and progressive vision for prosperity and peace. With the full support and presence of Their Majesties Arif Naqvi, Founder and Group Chief Executive, Abraaj King Abdullah II and Queen Rania Al Abdullah, the meeting Group, United Arab Emirates will provide a collaborative platform for addressing multi- generational challenges and unlocking new opportunities Ursula von der Leyen, Federal Minister of Defence of for inclusive growth, social modernization, and technology Germany enabled progress.