The World Beyond The Weekend Economist

The World Beyond The Weekend Economist is a part of the greater Weekend Economist, which is an interactive space aimed at being both a source of information and a place for discussion on developing stories related to Economics, Business, Finance, Technology and Geo-politics. On this site we will highlight interesting articles worth reading by providing a short introduction to the story, followed by a direct link to the article in question. Please feel free to post your comments and/or send us your suggestions for interesting articles worth commenting on and linking to by emailing us at weekendeconomist@gmail.com. Also of interest might be our other two blogs, the flagship Weekend Economist "Quaerere Verum" and WE Technology, Strategy & Business. We hope you enjoy our site(s), Benjamin Valk & Jeroen van Bommel.
Showing posts with label Oil. Show all posts
Showing posts with label Oil. Show all posts

Sunday, April 22, 2007

#28 Libya's New Global Oil Companies

Large oil companies such as France's Total and Spain's Repsol are well-known names. Mabruk Oil and Akakoss Petroleum Operations, not so much. But these are the new names of Total and Repsol, believe it or not. Well at least in Libya.

Large foreign firms working in Libya's oil industry have had to change their names to new ones reflecting the country's history and geography, the National Oil Corporation said. France's Total has become "Mabruk Oil," the word Mabruk, which means "congratulations" in Arabic, being a popular boy's name in Libya. Repsol of Spain becomes "Akakoss Petroleum Operations" -- a reference to the Akakoss mountains in the south of the country -- while the Italian natural gas firm ENI has opted for "Mellita Gas," named after the region where it operates west of Tripoli. Germany's Veba has chosen "Al-Harruj Petroleum Operations" after another southern Libyan mountain range.

Thursday, February 1, 2007

#6 A New Dictator?

The powers Chavez has wanted for so long have finally been granted to him: the power to legislate by decree.

Now Chavez has a free hand to bring under state control the oil and natural gas projects still run by private companies in Venezuela. Chavez has said companies upgrading heavy oil in the Orinoco River basin — British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA and Statoil ASA — must submit to state-controlled joint ventures. The new law enables Chavez to unilaterally "regulate" this transition if companies don't agree to the new framework within an unspecified "peremptory period."

In short, Chavez gains free rein in Venezuela.