As noted above, important novel dimensions are managerial control and the role of accounting information. The AIOC case is particularly useful in this respect, because from the outset, deployment of technical staf and proit and proit sharing were at the centre of MNE-HC negotiations and concessions. These issues were established from the outset, when the original concession, negotiated by William Knox d’Arcy, led to the discovery of signiicant new oil ield and the construction of a reinery at Abadan. The AngloPersianOilCompany (the predecessor of the AIOC) was then established with the exclusive right to explore, develop, exploit, and transport petroleum in return for providing the Iranian government with 16% of the net proit on all operations. 15 Subsequent negotiations led to the revision
The case study examines the relationship between the AIOC and successive Iranian governments in the period 1933-1951. The reason for the selection of these dates is that 1951 was the year in which the Iranian government nationalised the local assets of the AIOC. In broad terms, the expropriation marked the obsolescence of the agreement made in 1933, which set the tone of the subsequent negotiations up to the crisis of 1951. As noted above, important novel dimensions are managerial control and the role of accounting information. The AIOC case is particularly useful in this respect, because from the outset, deployment of technical staff and profit and profit sharing were at the centre MNE-HC negotiations and concessions. These issues were established from the outset, when the original concession, negotiated by William Knox D’Arcy, led to the discovery of significant new oil field and the construction of a refinery at Abadan. The AngloPersianOilCompany (the predecessor of the AIOC) was then established with the exclusive right to explore, develop, exploit, and transport petroleum in return for providing the Iranian government with 16 per cent of the net profit on all operations. 15 Subsequent negotiations led to the revision of this allocation, so that in 1933, a new agreement set the royalty paid to Iran at a fixed sum of 4s per ton, plus 20 per cent of the dividend payable to ordinary shareholders, and a minimum annual payment of £750,000, whilst local assets would be shifted Iranian management through the employment of local staff in technical roles (referred to as “Iranianisation”). 16 As with accounting profit, Iranianisation provided AIOC executives with significant scope for voluntary action, reporting and interpretation 17 .
As in the case of Saudi Arabia, the temporary cessation of Iranian oil production between 1951 and 1954 greatly affected the production of oil in Kuwait, In a world market which was clamouring for still more o il, the loss of 30 million tons a year from Iran was of great importance. However, the rapid development of other oil fields in the G ulf, especially in Kuwait (the Anglo- Iranian O il Company has half of the shares of the concessionary company in Kuwait), was inevitable to compensate for the loss. Therefore, production in Kuwait increased from 17 million tons in 1950 to 4 6 .9 million in 1954. However, this rate of increase did not last very long,, due to the Suez Crisis of 1956 which caused a sharp drop in Kuwaiti production, and in fact the rate of increase in 1956 was only 0.35% over the previous year. Comparatively, the effects were worse on Kuwait than on Saudi Arabia, as the latter had an outlet on the Mediterranean. The situation caused a shortage of oil in Western Europe. This shortage stimulated the Kuwait O il Company and other oil companies in the Middle East to increase their production immediately after the crisis in order to meet this European demand. Production by Kuwait O il Company then increased from 54 million tons in 1956, to 69 million tons in 1958.
Russo-Japanese war, but whose attitude totally changed to become strongly anti- Japanese. He started sending numerous articles to London and elsewhere about the activities of the Japanese in Manchuria, his criticism being often so explicit that Chirol could not even publish them in the paper. 23 Being on the spot and having been in London more than a decade earlier, Kato, the Japanese ambassador, could see changes in Britain more than anyone else and he was one of those who had been troubled by Morrison’s anti-Japanese campaign, blaming him for stoking up such feelings in Britain. 24 Realizing that the influential power of The Times and the critical views of Morrison would be detrimental to Japan’s reputation, the Japanese government decided to invite Chirol and Morrison to Japan for a tour of inspection in 1909. They were extravagantly treated by the government. Chirol seems to have taken this opportunity to ‘collect facts on the spot, so as to stop 'dry rot' which had been setting in in England with regard to Japan, things Japanese, and more particularly with regard to the Anglo-Japanese alliance'. He reported to his newspaper on the justice of the majority of Japan’s contentions. 25 The tour, however, did not change Morrison’s views on Japan. After a visit to Peking in the same tour in July 1909, Chirol’s confidence in Japanese policy ‘somewhat diminished and, therefore, with misgivings about Britain’s position as a whole.’ and he noticed that his Japanese friends were ‘showing an increasing tendency towards independence'. 26
In order to examine the efficacy of clove oil as an anesthetic on Persian sturgeon, Acipenser persicus, we conducted an experiment. We also investigate if clove oil anesthesia suppressed the normal plasma cortisol and glucose level increase in this species or not. The Effects of clove oil on Hematological factors (Hb, Hct, and WBC) was examined as well. Three different concentrations of clove oil (200, 300, 400 mg/L) combined the two water temperature (20 and 24°C) were assessed. The combination of 400 mg/L and 24°C was the best treatment for anesthetizing as well as recovery. From one trial (concentration: 300 mg/L and temperature: 24°C), blood samples were taken on 0 (immediately upon placement in recovery tank), 1, 6, 24 and 72 hours post recovery in order to evaluate physiological responses. After 72 h both blood glucose and cortisol reach the level similar to the control group which was before applying clove oil. Hematological parameters after some fluctuation reached its level the same as control group of the experiments.
The British Legation in Budapest sent a number of reports about the implementation of the “June Road” (Nagy’s reform programme). They did not trust the Nagy government very much, although some of its measures (attempts to raise the standard of living, release from prison of some people who had been convicted unlawfully, etc.) were welcomed in London. At the same time they could clearly see that Rákosi could return to power any time, and that is why they were not surprised when Imre Nagy’s premiership and the “June Road” came to an end in the spring of 1955 (following the “throne fights” in Moscow, which resulted in Malenkov’s fall and the consolidation of Khrushchev’s position). These changes affected Anglo–Hungarian relations too: trade and financial talks slowed down, the Hungarian authorities began to harass Hungarians who had contacts with the British Legation, etc. The “Geneva spirit” could hardly be felt in Hungary, and consequences of the 20 th
Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company: Baker Hughes, Cameron International, Chart Industries, Core Laboratories NV, Diamond Offshore, Dresser-Rand, Dril Quip Inc., ENSCO, FMC Technologies, Halliburton Co., Helix Energy Solutions, Hercules Offshore, Hornbeck Offshore Services, McDermott International Inc., Nabors Industries Inc., Noble Corporation, Oceaneering International Inc, Precision Drilling Corp, Schlumberger, Superior Energy Services Inc., Tenaris S.A, Transocean, U.S. Silica Holdings, Inc., Weatherford International.
Other key push factors were political and economic. The museum of migration on Ellis Island, in New York harbor, organizes the immigrant waves in years. The 48’ers, as they were known, went to America as ambitious, politically disenfranchised reformers denied the hope of political emancipation in the failed revolutions of 1848 in Germany. Karl Marx, although he arrived later in London via Paris, was one of these. By contrast Frederick Engels’ name appears on a local passenger list from Antwerp to London in 1837. Engels was actually more typical of Anglo-Germans in that he went back and forth on business, including that of organizing international revolution. Others who did not have revolution in mind, came for three months after the harvest to play in touring brass bands that frequented most English seaside resorts. Many pork butchers were “chain migrators” (Wustner, 2012), each family group training up a new set of skilled male and female workers who would then migrate and open a new outlet in a British industrial city.
4. Sadra Abarqhouei N, Hosseini Nasab H, Fakhrzad M. Macro ergonomics interventions and their impact on productivity and reduction of musculoskeletal disorders: including a case study. Iran occupational health . 2012;9(2):27-39. [Persian]
The preceding paragraphs dealt with the structure of the manpower system. Knowing the expected manpower need, an attempt was made to outline a programme for phasing it up. The major technical personnel in a typical oil refining plant are professional engineers and scientist, technicians and craftsmen. The engineers and scientist are mainly the managerial and technological positions, the technicians are mainly in supervising positions in operation and maintenance, the craftsmen are employed in maintenance positions. There are large numbers of persons in operation who are trained on the job after acquiring a good basic education. The discussion in this chapter for manpower problem has been confided to the “in works” personnel.
transparency and mutual responsibility. Consistent implementation of commitments requires internal alignment within companies and communities. For example, different departments within a company should operate coherently in realizing the objectives of the partnership. Similarly, communities should avoid that certain members or groups act against the partnership. This implies assurance that each smallholder, including women, fully understands proposals for changes in land tenure, purchasing, loans or other service contracts with companies. All parties need to understand the duration of the agreement and the tenure status of the community land, as well as the joint venture governance. Smallholders are informed on the nature of any deductions on payments and how they are calculated. Shared commercial risk and insurance against failure are frequently cited as the cement of successful relationships.
acquisition of OОО Petrol Market (Аrmenia), the owner of the network of 22 retail sites and 3 oil depots; completed the 1st stage of integration of ZАО Bishkek OilCompany; successful negotiations with key Mongol customers completed on 2015- 2016 contracts with price formula and volumes unchanged to 2014; concluded a framework agreement with ТОО КаzMunaiGaz-Аero for supply of aviation kerosene to the Republic of Kazakhstan
The most important role of the oil sector is providing over 80 percent of foreign exchange earnings. Therefore irrefutable reliance in various economic sectors to meet its import needs so that reduce the hard currency earnings from exports of crude oil, thereby unfavorable foreign exchange situation and thus reduce imports of intermediate and capital imports and decreasing the drop in production. This descriptive-correlational study aimed to evaluate the oil price and its role in the domestic and outside economy of Iran,With 12 samples of Tehran distribution companies of Oil Products, by simple random sampling is done. To collecting data from financial statements of desired, and to analysis of data was used Limer, Hausman and regression tests by spss22 and EVIEWS software. The findings shows changing real oil prices and immediate oil prices has a significant positive impact on oil exports.So, by create the conditions for an accurate forecast oil prices reduce uncertainty about the price as much as possible. It based on the projected price of oil, sales policy should be adjusted according to the requirements of the international oil market and use of existing mechanisms in the petroleum exchanges the status quo in the face of falling prices. Risks to be covered include futures and option contracts to hedge the transaction noted
According to Lacity and Hirschheim (1993), workers will be significantly affected by the outsourcing decisions. In fact, concerns related to outsourcing employees are complex on a number of different issues. For instance, the outsourced workers may be assigned to permanently work at the outsourced company's sites, and they might feel that they are committed to both the outsourcing and the outsourced company. Secondly, the contract conditions may lessen job engagement and motivation, and physical and legal restrictions might exist (Andersen and Ankerstjerne, 2010). Elmuti et al. (2010) indicated that the out s ourcing project generated two kinds of victims. Workers who have lost their jobs and suffered from some difficulties trying to obtain new employment, and those workers who continued to hold their positions despite the outsourcing decision in minimizing the number of the employees, but they also suffered from some physical and
During the course of 2011 the Group faced some significant strategic and operational challenges. Progressing our major project in Uganda took considerably longer than originally envisaged. The discovery of oil by Tullow has created the opportunity to transform the economy of Uganda, and the lives of local people and communities, if wisely managed. This has triggered a debate, at every level, about how best to develop these resources in the national interest. Tullow’s commitment to reaching an agreement that will benefit all parties and to building durable relationships that will stand the test of time was rewarded in February 2012. We signed two new Production Sharing Agreements (PSAs) with the Government of Uganda, and completed the farm-down of two-thirds of our Ugandan licences to CNOOC and Total. We are now ready, with our partners, to embark upon the development of the country’s oil industry. First oil could be as soon as late 2012, with material production volumes likely to be from 2016. In October 2011, allegations were made in the Ugandan Parliament that Tullow employees had bribed senior government ministers. The accusations were made on the basis of forged documents and we have worked with the UK Serious Fraud Office, the Metropolitan Police and the relevant authorities in Uganda and Malta (where the payments were allegedly made) to demonstrate irrefutably that the allegations are entirely unfounded. Tullow has an absolute commitment to upholding high ethical standards. Our approach is based not only on our legal obligations, but on the firm belief that our reputation for integrity underpins our attractiveness as an employer, a business partner and an investor in the countries where we operate.
These alliances expose IOCs and their shareholders to risks including poor environmental and safety performance, questionable corporate governance, an unpredictable political, regulatory and fiscal regime and a lack of corporate transparency. This briefing accompanies a new report published by Greenpeace, Platform and ShareAction focusing on alliances made by an IOC and either Rosneft or Gazprom since 2011. The report: Russian Roulette: International oilcompany risk in the Russian Arctic is available at: http://www.greenpeace.org.uk/sites/files/gpuk/Investor_report_ Arctic_risks_2013.pdf. This briefing provides an overview of some of the key findings of the report and suggests questions for investors to ask of those IOCs involved with either Rosneft or Gazprom.
Selection and Description of Participants
A total of 503 subjects were employed with official and contractual employment status in three occupational groups of the company. The research was conducted on employees by census method in winter of 2016, and then employees of three occupational groups were divided into categories and received explanation of research dimensions. Official or contractual employee membership with at least a year of work experience was entry condition of study which had a cross-sectional and descriptive-analytical type. According to company's instructions, employees were classified into three occupational groups, administrative, administrative-operational, and operational, based on defined job descriptions. Administrative groups worked at headquarters; and administrative- operational were those employees who worked at headquarters but they also inspected executive plans of company over the year according to their job description service; and finally, the operational group were those who performed operational activities in different workshops of projects. Information on status of employees' occupational groups and their work experience was obtained from human resource department of company. In order to collect reliable information, the researcher visited staff's workplaces in person and asked employees to attend meetings in 4 to 5-indiivudal groups, and then distributed and collected questionnaire after justifying and guiding respondents.
David Williams, who is Chairman of the Committee, is a Chartered Accountant and until his retirement in 2006 was Finance Director of Bunzl plc. It is a requirement of the Combined Code that at least one Committee member has recent and relevant financial experience. David Williams therefore meets this requirement. Tutu Agyare, who joined the Board and the Audit Committee during the year, brings extensive investment banking experience to the Committee. The Group’s external auditors are Deloitte LLP and the Committee closely monitors the level of audit and non-audit services they provide to the Group. Non-audit services are normally limited to assignments that are closely related to the annual audit or where the work is of such a nature that a detailed understanding of the Group is necessary. A policy for the engagement of the external auditors to supply non- audit services has been implemented to formalise these arrangements which requires Audit Committee approval for certain categories of work. A breakdown of the fees paid to the external auditors in respect of audit and non-audit work is included in note 3 of the financial statements. In addition to processes put in place to ensure segregation of audit and non-audit roles, Deloitte LLP are required as part of the assurance process in relation to the audit, to confirm to the Committee that they have both the appropriate independence and the objectivity to allow them to continue to serve the members of the Company. This confirmation was given and no matters of concern were identified by the Committee. The Chief Financial Officer, the Group Internal Audit Manager, the General Manager Finance, the Deputy Company Secretary and representatives of the external auditors are invited to attend each meeting of the Committee and participated in all of the meetings during 2010. The Chairman of the Board also attends meetings of the Committee by invitation and was present at all of the meetings in 2010. The external auditors have unrestricted access to the Committee Chairman. During the 2010 audit process, the Audit Committee Chairman met with Deloitte’s audit engagement partner without the presence of management.
Defining a modern model of the world economic development, the oil and gas business is characterized by the presence of a significant number of risks, that have a negative impact on the performance of companies in the industry. At the same time, at implementation of invest- ment projects of oil and gas companies associated with the construction of new or modernization of existing facilities, there appear further complications related to high-capital intensity and long payback period of investments. These factors create a contradiction in making objective investment decisions, hinder the industry development and determine the main challenges facing an oil and gas company.