IPERS' Sudan Scrutinized Companies

Total Page:16

File Type:pdf, Size:1020Kb

IPERS' Sudan Scrutinized Companies Iowa Public Employees' Retirement System's Prohibited Companies List April 1, 2012 Divestment Date * » AKM Industrial Co. Ltd. March 31, 2012 » Alstom » Alstom Projects India » AREF Energy Holding Company » Areva T&D India Ltd June 30, 2013 » AviChina Industry & Technology Ltd. » Biopetrol Industries AG December 31, 2012 » Chemoil Energy Limited June 30, 2012 » Chennai Petroleum Corporation Limited (CPCL) » China Gezhouba Group Limited December 31, 2012 » China Hydraulic and Hydroelectric Construction Group Corporation (Sinohydro) » China National Petroleum Corporation (CNPC) » China North Industries Group Corporation (CNGC/NORINCO) » China North Industries Corporation (NORINCO) » China North Optical-Electric Technology Co. Ltd. March 31, 2012 » China Petroleum Finance Co. Ltd. March 31, 2012 » CNPC Golden Autumn Ltd June 30, 2013 » CNPC HK Overseas Capital Ltd. December 31, 2012 » Daqing Huake Group Co. Ltd. » Dongfeng Motor Group Co. Ltd. (DFL) December 31, 2011 » Egyptian Kuwaiti Holding Company » Electricity Generating Company (EGCO) » Eneos Globe Company June 30, 2013 » Gas District Cooling PutraJaya Sdn Bhd » Glencore FDG LLC December 31, 2012 » Glencore Finance December 31, 2012 » Glencore Finance (Europe) December 31, 2012 » Glencore International PLC December 31, 2011 » Hafei Aviation Industry Co. » Harbin Dongan Auto Engine Co. » Indian Oil Corporation Ltd. (IOCL) » Infotel Broadband Services Ltd. March 31, 2013 » Jiangxi Hongdu Aviation (Hongdu Aviation) » Jinan Diesel Engine Co. Ltd » JX Holdings Inc. December 31, 2011 » JX Nippon Oil & Energy Corporation March 31, 2012 » KEPCO Plant Service & Engineering Co., Ltd. December 31, 2012 » Kingdream PLC » KLCC Property Holdings Bhd » KMCOB Capital Berhad » Kunlun Energy Co. Ltd. September 30, 2012 » Lanka IOC Limited » Liaoning Huajin Tongda Chemical Co. Ltd. December 31, 2011 » LS Industrial Systems December 31, 2012 » Managem » Mangalore Refinery and Petrochemicals Ltd. (MRPL) » Mercator Ltd. » Mercator Lines Singapore June 30, 2012 » Midciti Resources Sdn Berhad » MISC Berhad (Malaysia International Shipping Company) » MISC Capital Ltd. » Nippo Corporation March 31, 2013 » Nippon Oil Corporation » Nippon Oil Finance December 31, 2012 » Nippon Mining Holdings December 31, 2011 1 of 3 Iowa Public Employees' Retirement System's Prohibited Companies List April 1, 2012 Divestment Date * » NORINCO International Cooperation Ltd. » Oil and Natural Gas Corp. Ltd. (ONGC) » Oil India Limited » ONA S.A. » ONGC Videsh Limited (OVL) June 30, 2012 » Optimal Chemicals (Malaysia) Sdn Bhd September 30, 2012 » Optimal Glycols (Malaysia) Sdn Bhd September 30, 2012 » PetroChina Co. Ltd. » Petroliam Nasional Berhad (Petronas) » Petronas Capital Limited » Petronas Chemicals Group Berhad September 30, 2012 » Petronas Dagangan Bhd » Petronas Gas Bhd » PT Pertamina Persero March 31, 2013 » PTT Exploration & Production PCL December 31, 2011 » PTT Public Company Ltd. (PTT) » PTTEP Australia International Finance Proprietary Ltd. June 30, 2012 » PTTEP Canada International Finance Ltd. December 31, 2012 » Putrajaya Holdings Sdn Bhd December 31, 2012 » Ranhill Berhad » Ranhill Power Sdn Bhd March 31, 2013 » Ranhill Powertron Sdn » Reliance Holdings USA Inc. March 31, 2013 » Reliance Industries Limited March 31, 2013 » Scomi Engineering Berhad » Scomi Group Berhad » Sichuan Nitrocell Co. Ltd. March 31, 2012 » Sinohydro Group Ltd. December 31, 2012 » Sinopec Corporation (China Petroleum and Chemical Corporation) » Sinopec Finance Co. Ltd. » Sinopec Group (China Petrochemical Corporation) » Sinopec Kanton Holdings Ltd. » Sinopec Shanghai Petrochemicals Ltd. » Sinopec Yizheng Chemical Fibre Co. Ltd. » Societe Metallurgique D'imiter » Space Energy Corporation June 30, 2013 » Trafigura Beheer December 31, 2011 » Wuhan Boiler Company » Denotes wholly- or majority-owned subsidiaries, parent companies, or affiliates of companies that have the most problematic operations in Sudan according to the Sudan Divestment Task Force model of targeted divestment. * Denotes deadline for divesting of security. 2 of 3 Iowa Public Employees' Retirement System Effective April 1, 2012 Companies Removed from Prohibited Companies List Nuinsco Resources Limited Companies Added to Prohibited Companies List Areva T&D India Ltd CNPC Golden Autumn Ltd Eneos Globe Company Space Energy Corporation 3 of 3.
Recommended publications
  • Middle East Oil Pricing Systems in Flux Introduction
    May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE ..................................................................................................................................
    [Show full text]
  • 2016 EITI Report
    Contents List of Abbreviations ......................................................................................................................6 Executive Summary........................................................................................................................8 1. EITI in Iraq .............................................................................................................................. 14 1.1. About the Extractive Industries Transparency Initiative (EITI) ................................... 14 1.2. EITI Implementation in Iraq .................................................................................................. 14 1.3. EITI Governance and leadership in Iraq (Requirement 1.1 – 1.3) ................................ 16 1.4. MSG Governance (Requirement 1.4) .................................................................................. 17 1.5. MSG Workplan (Requirement 1.5) ....................................................................................... 18 2. Legal Framework and Fiscal Regime for the Extractive Industries (Requirement 2.1) . 20 2.1. National Governance Structures ......................................................................................... 20 2.2. Overview of the regulations applicable to extractive industries ................................. 21 2.2.1. Extractive sector regulations in federal Iraq ........................................................................ 21 2.2.2. Overview of the corporate income tax and withholding tax regimes applicable
    [Show full text]
  • Energy Investments in a Zero-Carbon World
    Investment Management ENERGY INVESTMENTS IN A ZERO-CARBON WORLD The energy sector is controversial. It faces a perfect (usually in the single to low double digits), whereas storm due to the short-term demand shock caused by the iron-ore and copper reserves are often measured in COVID-19 pandemic and the longer-term risk from the decades or even centuries. This means that at current reduction in society’s carbon footprint to combat climate production rates, under all scenarios for future oil change. Considering this uncertainty and the collapse demand, it is impossible for upstream reserves to in valuations in the sector, we are confronted with dual become obsolete due to inadequate demand for oil. scenarios: whether the sector presents an exceptional • With respect to new competitors, US shale has investment opportunity or is destined for obsolescence. We emerged as a powerful new supply source over believe the key questions are: the past few years. But we estimate that US shale 1. What is the risk that energy companies will be left with production requires an oil price of $60 per barrel or material stranded assets in a carbon-neutral world? more to be economical, underscoring the limits as to how much disruption shale can cause. 2. How will the coming energy transition impact the sustainability of energy companies? MULTI-DECADE DEMAND FOR OIL AND GAS This note focuses on the risks and opportunities presented It bears repeating that there is no scenario under by the upcoming transition for the energy sector. We which the demand for oil and gas will disappear in address company-specific issues as part of our research the next few decades.
    [Show full text]
  • Structuring Petroleum-Sector Institutions
    Briefing October 2014 Considerations for Indonesia’s Universitas New Government: Structuring Gadjah Mada Petroleum-Sector Institutions Patrick Heller and Poppy Ismalina As Indonesia’s new government seeks to maximize the country’s benefits from the petroleum sector, one of its most important tasks will be to resolve the longstanding uncertainty surrounding the roles and responsibilities of the public institutions responsible for managing the sector. This briefing offers a perspective based on global experience in oil and gas as well as Indonesia’s own history. WHY PETROLEUM-SECTOR INSTITUTIONAL STRUCTURE MATTERS Effectively allocating roles and responsibilities among ministries, Pertamina, and other government agencies is crucial if Indonesia is to tackle the challenge of reinvigorating its petroleum sector. Indonesia faces declining petroleum reserves and production, rising consumption, costly fuel subsidies and a desire to boost the performance of Pertamina. The country therefore requires an institutional structure that will enable it to execute a coherent strategy and that empowers the assigned entities to manage exploration, production, relationships with contractors, tax collection and the enforcement of Indonesia’s laws and contracts. Most importantly, the government must decide whether to house regulatory (i.e., monitoring and oversight) responsibilities within Pertamina or in another body. The new government has an opportunity to reconcile the Constitutional Court’s decision on BP Migas and build a coherent, effective, forward-looking structure. In the aftermath of the 2012 Constitutional Court decision—which invalidated the role of independent regulator BP Migas as established in 2001 on the grounds that it did not meet the state’s responsibilities under Article 33 of the constitution—there has been confusion about the present and the future of government responsibility for the petroleum sector.
    [Show full text]
  • Media Monitoring Online Pertamina Projects Stall Amid Policy
    Media Monitoring Online Pertamina Projects Stall Amid Policy Flip-flops, Refinery Blaze Tanggal : Rabu , 31 Maret 2021 Media : The Jakarta Post Halaman : 2 Wartawan : Vincent Lingga Muatan Berita : Netral Narasumber : None () Rubrik : Headlines Topik : Kilang Minyak Nilai Iklan : Rp. 78.000.000 This is really bad news for energy, an extremely vital component of the economy. While Pertamina’s four refinery upgrade projects and two greenfield refinery projects launched in 2014 have been delayed by several years or even canceled, an inferno fire gutted the state-owned oil and gas giant’s newest refinery at Balongan, West Java, early Monday morning. Even though Pertamina has made assurances that the incident would not disrupt fuel supply and distribution, we cannot help but be concerned about the damage incurred on the downstream oil industry. Already Southeast Asia’s largest net importer of crude oil, gasoline and gasoil at an annual volume of almost 1 million barrels per day (bpd), Indonesia may have to import more refined fuel until the Balongan refinery resumes production at its 125,000 bpd full capacity. Pertamina’s six old refineries, which have a combined capacity of 1 million bpd, are able to produce only 850,000 bpd of refined fuel, barely half of national demand. Importing more fuel means stronger pressures on the balance of payments and larger drain on the foreign exchange reserves. The Balongan refinery, which came on stream in 1994, was the last plant Pertamina built. Many new greenfield and expansion projects that have been planned since then have suffered cancellations or prolonged delays due to the country’s notorious policy flip-flops and bureaucratic barriers.
    [Show full text]
  • Process Technologies and Projects for Biolpg
    energies Review Process Technologies and Projects for BioLPG Eric Johnson Atlantic Consulting, 8136 Gattikon, Switzerland; [email protected]; Tel.: +41-44-772-1079 Received: 8 December 2018; Accepted: 9 January 2019; Published: 15 January 2019 Abstract: Liquified petroleum gas (LPG)—currently consumed at some 300 million tonnes per year—consists of propane, butane, or a mixture of the two. Most of the world’s LPG is fossil, but recently, BioLPG has been commercialized as well. This paper reviews all possible synthesis routes to BioLPG: conventional chemical processes, biological processes, advanced chemical processes, and other. Processes are described, and projects are documented as of early 2018. The paper was compiled through an extensive literature review and a series of interviews with participants and stakeholders. Only one process is already commercial: hydrotreatment of bio-oils. Another, fermentation of sugars, has reached demonstration scale. The process with the largest potential for volume is gaseous conversion and synthesis of two feedstocks, cellulosics or organic wastes. In most cases, BioLPG is produced as a byproduct, i.e., a minor output of a multi-product process. BioLPG’s proportion of output varies according to detailed process design: for example, the advanced chemical processes can produce BioLPG at anywhere from 0–10% of output. All these processes and projects will be of interest to researchers, developers and LPG producers/marketers. Keywords: Liquified petroleum gas (LPG); BioLPG; biofuels; process technologies; alternative fuels 1. Introduction Liquified petroleum gas (LPG) is a major fuel for heating and transport, with a current global market of around 300 million tonnes per year.
    [Show full text]
  • Jtb Steps on the Indonesian
    FEATURES JTB STEPS ON THE INDONESIAN GAS LATHAM & WATKINS, INTERNATIONAL LEGAL COUNSEL TO THE SPONSOR AND THE BORROWER IN THE FINANCING OF THE JAMBARAN-TIUNG BIRU PROJECT, PROVIDES AN OVERVIEW OF THE DEAL AND INSIGHT INTO SOME OF ITS NOTABLE FEATURES. BY CLARINDA TJIA-DHARMADI, PARTNER, TIM G FOURTEAU, COUNSEL, AND MEREDITH STRIKE, ASSOCIATE. The Jambaran-Tiung Biru Project (JTB Project) is 315m standard cubic feet per day of raw among the largest upstream oil and gas projects gas, the designing and installing of gas to reach financial close in Indonesia in the past processing facilities with a maximum capacity decade, and marks several important milestones of 330m standard cubic feet per day and the for project financings in the region. development of gas flow lines from the wells The limited recourse project financing to the gas processing facilities and sales gas utilised a trustee borrowing structure (TBS) and pipelines from the gas processing facilities to is the first project financing in the region to the Gresik-Semarang pipeline. comprise conventional interest-bearing tranches PEPC and PT Pertamina EP (PEP), a wholly- with Islamic financing tranches. owned subsidiary of Pertamina, are sponsoring It is also the first limited recourse project the development of the JTB Project (though financing to feature a subsidiary of Indonesian PEP is not a party to the financing). PEPC will state-owned oil and gas company PT Pertamina operate and maintain the JTB Project, including (Persero) (Pertamina), namely PT Pertamina EP the gas fields, pipelines and gas processing Cepu (PEPC), as the anchoring sponsor. facilities. Containing extensive Indonesian participation PEPC and PEP own 92% and 8% of the unit throughout the structure, it is also the first oil interests in the unitised JTB field, respectively, and gas project financing in Indonesia to be and will share a proportionate amount of supported by an all domestic offtake, with no project revenues, capital costs and operating government support, solidifying the trend set expenditures.
    [Show full text]
  • Low Probability High Consequences Oil Spill Response Plan: Promoting Cooperation and Networking Emergency Respond
    PAJ Oil Spill Workshop 2017 “Considerations for future oil spill response management and operations” Tokyo | 12 December 2017 Low Probability High Consequences Oil Spill Response Plan: Promoting Cooperation and Networking Emergency Respond Dr. I Gusti Suarnaya Sidemen Direectorate General of Oil and Gas (MIGAS) Ministry of Energy and Mineral Resources 1 1 Kementerian ESDM Republik Indonesia CONTENTS 1. Potential Risk of Oil Spill 2. Existing Oil Spill Response Strategy 3. Changing Circumstances 4. New Oil Spill Response Strategy 2 2 Kementerian ESDM Republik Indonesia 1. Potential Risk Of Oil Spill 3 3 Kementerian ESDM Republik Indonesia Indonesia Oil Outlook Crude Oil Balance Projection Key Issues: 1. Oil Still play Important Role in Indonesia Energy Supply 2. Import dependency growing 3. Sea-lane security will become more and more important 4. National capacity in securing sea lane security growing 5. Risk of oil spill is in place Fuel Consumption Projection 6. Bilateral and multilateral cooperation to secure sea-lane and supply security and is needed 7. Bilateral and multilateral cooperation is need to combat oil spill Projection Source: BPPT IEO 2017 Ministry of Energy and Mineral Resources Republic of Indonesia POTENTIAL RISK OF OIL SPILL EXPLORATION AND REFINING PRODUCTION DISTRIBUTION INTERNATIONAL TRADE 2. Existing Oil Spill Response Staretgy Oil Spill Response Development Ministry of Transport Regulation No.: 58/2013 Oil Spill in Waters and Port Preparedness Joint President Regulation No. 109/2006 Decision/Regulation concerning DGOG and DGSC: Oil Spill In Indonesian Water DKP/49/1/1 No. Emergency Response 01/KPTS/DM/MIGAS/1 981 Permanent 13 Procedure concerning 11 Protection of Strait 06 Malacca again Pollution.
    [Show full text]
  • Green Hydrogen the Next Transformational Driver of the Utilities Industry
    EQUITY RESEARCH | September 22, 2020 | 9:41PM BST The following is a redacted version of the original report. See inside for details. Green Hydrogen The next transformational driver of the Utilities industry In our Carbonomics report we analysed the major role of clean hydrogen in the transition towards Net Zero. Here we focus on Green hydrogen (“e-Hydrogen”), which is produced when renewable energy powers the electrolysis of water. Green hydrogen looks poised to become a once-in-a-generation opportunity: we estimate it could give rise to a €10 trn addressable market globally by 2050 for the Utilities industry alone. e-Hydrogen could become pivotal to the Utilities (and Energy) industry, with the potential by 2050 to: (i) turn into the largest electricity customer, and double power demand in Europe; (ii) double our already top-of-the-street 2050 renewables capex EU Green Deal Bull Case estimates (tripling annual wind/solar additions); (iii) imply a profound reconfiguration of the gas grid; (iv) solve the issue of seasonal power storage; and (v) provide a second life to conventional thermal power producers thanks to the conversion of gas plants into hydrogen turbines. Alberto Gandolfi Ajay Patel Michele Della Vigna, CFA Mafalda Pombeiro Mathieu Pidoux +44 20 7552-2539 +44 20 7552-1168 +44 20 7552-9383 +44 20 7552-9425 +44 20 7051-4752 alberto.gandolfi@gs.com [email protected] [email protected] [email protected] [email protected] Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs International Goldman Sachs does and seeks to do business with companies covered in its research reports.
    [Show full text]
  • Exxonmobil Indonesia at a Glance Country Fact Sheet
    ExxonMobil Indonesia at a glance Country fact sheet KEY FACTS 1898 Standard Oil Company of New York (Socony) opens a marketing office in Java. 1968 Mobil Oil Indonesia Inc. (MOI) is formed and becomes one of the first contractors to be involved in the country’s newly established “Production Sharing Contract (PSC)” approach for B block in North Aceh. MOI is later renamed ExxonMobil Oil Indonesia (EMOI) in 2000. 2001 A discovery of over 450 million barrels of oil at Banyu Urip oil field, East Java. 2005 ExxonMobil Cepu Limited (EMCL) assigned as operator for the Cepu block under PSC. 2006 Banyu Urip Plan of Development (POD) approved by the government of Indonesia. 2009 Cepu block commenced commercial production through Early Production Facility (EPF). 2011 EMCL awards five major Banyu Urip project Engineering, Procurement and Construction (EPC) contracts to five Indonesian-led consortiums. 2015 In October, ExxonMobil assigned its interest in the North Sumatra Block Offshore (NSO) and B Block PSC to Pertamina. The start-up of Banyu Urip’s onshore Central Processiong Facility (CPF) commenced in December. 2016 POD production of 165,000 barrels of oil per day is achieved at Banyu Urip field. NOW Approximately 570 employees at ExxonMobil Indonesia. Nearly 90 percent are Indonesians, many of whom are senior managers and engineers. Increasing energy supply for Indonesia. The FSO vessel, Gagak Rimang, connected to the mooring tower. UPSTREAM Cepu block East Natuna block • The Cepu Block PSC was signed on 17 September 2005 • Located in the South China Sea. covering the Cepu Contract Area in Central and East Java.
    [Show full text]
  • List of CA100+ Non-Disclosers 142 of 167 CA100+ Target Companies (85%) Have Not Published a Review of Their Alignment with Industry Associations on Climate Change
    List of CA100+ Non-Disclosers 142 of 167 CA100+ target companies (85%) have not published a review of their alignment with industry associations on climate change. A full list is below: • A.P. Moller - Maersk • CEZ, A.S. • Adbri Ltd • China National Offshore Oil Corporation (CNOOC) Limited • AES Corporation • China Petroleum & Chemical • Air France KLM S.A. Corporation (Sinopec) • Air Liquide • China Shenhua Energy • Airbus Group • China Steel Corporation • American Airlines Group Inc. • Coal India • American Electric Power Company, Inc. • Coca-Cola Company • Anhui Conch Cement • Colgate-Palmolive Company • ANTAM (Aneka Tambang) • CRH • Bayer AG • Cummins Inc. • Berkshire Hathaway • Daikin Industries, Ltd. • Bluescope Steel Limited • Daimler AG • BMW • Dangote Cement Plc • Boeing Company • Danone S.A. • Boral Limited • Delta Air Lines, Inc. • Bumi Resources • Devon Energy Corporation • Bunge Limited • Dominion Energy, Inc • Canadian Natural Resources Limited • Dow Inc • Caterpillar Inc. • E.ON SE • CEMEX S.A.B. De C.V. • Ecopetrol Sa • Centrica • EDF List of CA100+ Non-Disclosers 1 • Enbridge Inc. • LafargeHolcim Ltd • ENEL SpA • Lockheed Martin Corporation • ENEOS Holdings • Lukoil OAO • ENGIE • LyondellBasell Industries Cl A • Eni SpA • Marathon Petroleum • Eskom Holdings Soc Limited • Martin Marietta Materials, Inc. • Exelon Corporation • National Grid Plc • Fiat Chrysler Automobiles NV • Naturgy • FirstEnergy Corp. • Nestlé • Formosa Petrochemical • NextEra Energy, Inc. • Fortum Oyj • Nippon Steel Corporation • Gazprom • Nissan Motor Co., Ltd. • General Electric Company • Nornickel (MMC Norilsk Nickel OSJC) • General Motors Company • NRG Energy, Inc. • Grupo Argos • NTPC Ltd • Grupo Mexico • Occidental Petroleum Corporation • Hitachi, Ltd. • Oil & Natural Gas Corporation • Hon Hai Precision Industry • Oil Search • Honda Motor Company • Orica • Iberdrola, S.A.
    [Show full text]
  • Energy Journal Vol II
    ENERGY JOURNAL | VOLUME 3 NATIONAL OIL COMPANIES NEED TO UP THEIR GAME To compete with the majors, NOCs must improve their enterprise risk management Alexander Franke and Volker Weber 1 OPERATIONS EXCELLENCE ational Oil Companies (NOCs) and their governments – just three years Nago riding a wave of $100 oil – today face unusually trying times. Thanks to a plunge $170 billion in oil prices, at one point to below $30 a barrel, NOCs are earning about $170 billion less than How much less NOCs are earning they did a decade ago, even as their sponsor governments are being asked to spend more on than a decade ago defense, social programs, and infrastructure. The result: Many parent governments are confronting daunting budget deficits for the first time. In 2016, Qatar reported its first The investment, which officials say will make budget deficit in 15 years, while Saudi Arabia Aramco the biggest foreign investor in Malaysia, reported its largest shortfall ever the year is expected to help the Saudi NOC increase before. Cumulative government net lending business in the burgeoning Southeast Asian and borrowing by members of the Organization market. of the Petroleum Exporting Countries (OPEC) went from a net positive $188.12 billion in 2012, But despite the sizable outlays often involved, to negative $312.79 billion by the end of 2016, the tactic has not produced the kind of results based on data and 2016 estimates from the that the NOCs had hoped to achieve. (See International Monetary Fund’s World Economic Exhibit 1.) While NOC profit margins have Outlook. (The calculation excludes Indonesia, plunged by roughly 8 percentage points which was suspended from OPEC in November since oil prices recently hit $50, the decline 2016.) Between 2014 – the year oil prices took actually started in 2006, not long after they a nosedive – and 2016 alone, OPEC borrowing began to expand their operations globally.
    [Show full text]