- Economic Change Social Upheaval; Governments Cutting Welfare Benefits,
Selling State-run Firms," The Washington Post (August 7, 1994), p. A1.
- British Labor Party Scraps nationalization Clause," The Wall Street Journal
(May 1, 1995), p. A11.
- The World Bank Report of 1994, The World Bank (New York, Oxford
University Press, 1995).
- "Sale of the Century,"The Wall Street Journal (October 2, 1995), p.
R4.
- "Sale of the Century," The Wall Street Journal (October 2, 1995), p.
R4.
- "Sale of the Century," The Wall Street Journal (October 2, 1995), p.
R4.
- The objectives of privatization appeared in: Privatization: Learning the
Lessons from the U.K. Experiences (London, U.K., Price Waterhouse, 1989). However,
objective number two, "to raise investment capital for the privatized industry or company," was
added by the authors of this report.
- The New York Times (August 4, 1995), p. D2.
- "Enron Pursues Arbitration in Dispute Over Project Canceled by Indian State,"
The Wall Street Journal (August 7, 1995), p. B6A.
- The Organization of Economic Cooperation and Development (OECD)
includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece,
Iceland, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal,
Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.
- One motive for privatizing only a small portion of a state-owned enterprise
has to do with the concept of " price discovery." Allowing even a small fraction of an enterprise's
shares to be publicly traded enables the market to signal an appraisal of the value of the entire
enterprise. This would be one means for the state to measure management performance.
- Energy Information Administration, International Energy Review 1993
, DOE/EIA-02219(93)(Washington DC, May 1995), p. 22.
- "Plan to Mix Oil with Oil in Europe," The New York Times (March
1, 1996), p. D3.
- "BP agrees $3.5 billion deal to develop Algerian gas fields," Financial
Times (December 18, 1995), p.1.
- British Petroleum, Annual Report on Form 20-F 1994 , p. 7.
- British Petroleum, Annual Report on Form 20-F 1994 , p. 7.
- British Petroleum, BP Financial and Operating Information 1991-1995, p.
18.
- "A Very Refined Dilemma," The Financial Times (January 12, 1996),
p. 19.
- "BP to Slim German Gas Stations," The Wall Street Journal
(February 16, 1996), p. A6.
- British Petroleum, BP Financial and Operating Information 1991-1995, p.
19.
- Elf Aquitaine, 1995 Annual Repor t, pp.3 and 37.
- TOTAL, 1995 Fact Book , p. 21.
- TOTAL, 1995 Fact Book , p. 34.
- "ENI Pays First Dividend for 23 years," Financial Times " (May 11,
1995), p. 27.
- Petro-Canada, 1994 and 1995 Annual Report , p.44 and p. 48,
respectively.
- Petro-Canada, 1995 Annual Report , p. 27.
- "Petro-Canada Emerging as a Model of State Oil Company Privatization,"
The Oil and Gas Journal (December 25, 1995), p.22.
- "The Americas: Repsol Group Wins Auction for Refinery," Financial
Times (June 12, 1996), p. 31.
- "YPF S.A. Announces Successful Bid for Peru's LaPompilla Refinery," PR
Newswire (June 12, 1996).
- "Full Privatization of Repsol A Reality," Platt's Pilgram New s (May
15, 1996), p.2.
- Statoil, Annual Reports and Accounts 1995, pp. 23 and 24.
- World Bank, World Debt Tables 1996, pp. 204-205.
- U.S. Department of Commerce, Bureau of Economic Analysis, Survey of
Current Business (Washington DC, August 1990-August 1995). Note: The FDI in Latin
American calculation excludes Panama, as Panama is frequently used as an offshore depository of
funds reinvested in other countries.
- One of the most notable exceptions is Maxus, formerly an independent U.S.
oil company, which was purchased during 1994 by YPF.
- Energy Information Administration, Form EIA-28 , Financial
Reporting System.
- "International Rig Count," Oil and Gas Journal (January 15, 1996), p.
62.
- "Foreign and Private Investment Needed," World Oil , Vol. 216, No.
8 (August 1995), p. 45ff.
- "International Rig Count," Oil and Gas Journal , 93 (February 20,
1995).
- U.S. Department of Commerce, Bureau of Economic Analysis, Survey of
Current Business (Washington, DC, various issues August 1990-August 1995).
- "Privatization of State Company Catalyzes Argentine Oil Industry," Oil
and Gas Journal , 93 (February 13, 1995), p. 46.
- Petroleum Intelligence Weekly (December 14, 1992).
- "Privatization of State Company Catalyzes Argentine Oil Industry," Oil
and Gas Journal , 93 (February 13, 1995), p. 52.
- Durgin, Hillary, "Pride agrees to buy Argentina driller," The Houston
Chronicle (March 19, 1996), p. 3.
- Bowen, Sally, "Companies and Finance: The Americas: Repsol group wins
auction for refinery," Financial Times (June 12, 1996), p. 31.
- Goldman, Joe and Peter Zipf, "Mobil Circling Around a Stake in Astra,"
Platts Oilgram News (May 24, 1996), p. 1.
- "Bolivia Signs New Trade and Cooperation Accords with Chile and
Argentina," Chronicle of Latin American Economic Affairs (October 20, 1994).
- "Privatizations Open Exploration and Production Opportunities," World
Oil (August 1994).
- YPF, 1994 Annual Report , p. 3.
- YPF, 1994 Annual Report , p. 2.
- "Mexico opens northern cities for natural gas distribution," Energy Report, 24
(May 27, 1996) and Kummer, Kristie, "U.S.-Mexico natural gas issues," Gas Energy Review
, 24 (April 1996), p. 6.
- The Economist (August 21, 1993). These sales raised over $20
billion.
- Petroleum Intelligence Weekly (June 10, 1991).
- Yergin, Daniel, The Prize (New York: Simon Schuster, 1991), pp.
229-233.
- Yergin, Daniel, The Prize (New York: Simon Schuster, 1991), pp.
271-279.
- "New President Pledges Economic Liberalization," Petroleum Economist
, Vol. 61, No. 11 (November 1994), p. 17.
- Yergin, Daniel, The Prize (New York: Simon Schuster, 1991), pp.
648-650.
- Huber, Ed, "Opportunities in the Americas: Pipeline projects open Latin
markets," Oil and Gas Investor , 16 (February 1996), p. 2.
- "Venezuela Seen as Next Boom Town for Project Finance Deals," Bank
Letter, 20 (January 22, 1996), p. 2.
- Marquez, Humberto, "Venezuela: Debate on Oil Privatization Goes On, and
On ...," Inter Press Service (May 7, 1996) and Katsouris, Christina, "PDVSA chief mulls
sale of minority stake in firm as country reforms petroleum sector," The Oil Daily , 46
(April 24, 1996), p. 1.
- Chatterjee, Pratap, "Oil and Gas Industry Gears Up for Latin America
Bonanza," Inter Press Service (March 5, 1996).
- "German-U.S.-Japanese team wins oil exploration license in Caracas,"
Deutsche Presse-Agentur (January 22, 1996).
- See, for example, Yergin, Daniel, The Prize (New York: Simon
Schuster,1991), pp. 648-650.
- "Conoco-Maraven combine to tap Orinoco crude," Oil and Gas Journal
, 93 (November 20, 1995), p. 41.
- Mann, Joseph, "Mobil returns to Venezuela," Financial Times (April 4,
1995), p. 27.
- National Petroleum News Market Facts '95 (mid-June 1995), p. 35.
- Energy Information Administration, Petroleum Supply Annual 1993 ,
DOE/EIA-0340(93) (Washington, DC, June 1994), pp. 110-114.
- "Energy in Latin America; Even Oil is Growing Less Sacred," The
Economist (June 1, 1996), p. 63.
- Music, Kimberley, "Brazilian energy minister offers plan for regulation of
newly opened sector," The Oil Daily , 45 (December 21, 1995), p. 1.
- Platts Oilgram News (August 13, 1993).
- The Oil Daily (December 21, 1995), p. 1.
- World Oil (August 1994).
- A remittance tax is a withholding tax assessed on proceeds earned by a
company's activities in some foreign country. The expectation is that the proceeds will be
repatriated. Often the remittance tax may be avoided by reinvesting the proceeds in the host
country. In the case of Colombia, if the reinvestment is maintained for at least ten years, then the
tax is forgiven entirely. See Neira-Mejia, Luis Carlos and Ricardo Munoz-Mejia, "Colombia,"
International Financial Law Review (October 1994), pp. 16-20.
- Oil and Gas Journal (November 20, 1995), p. 30.
- Reuters Financial Energy News (September 6, 1994).
- "Getting in Step; Latin American Governments Turn to Private Sector for
Infrastructure Needs,"Latin Finance , Vo. 58 (June 1994), p. 58ff.
- "Ecuador Investment: FDI Falls 11.5% to $470m in 1995," EIU Views
Wire (January 23, 1996).
- "Peru's La Pampilla Refinery Sold for $180.5 million," Reuters (June
11, 1996).
- Bowen, Sally, "Companies and Finance: The Americas: Repsol group wins
auction for refinery," Financial Times (June 12, 1996), p. 31.
- Katsouris, Christina, "ARCO signs E&P contract with Perupetro as firm
recovers from tender offer flop," The Oil Daily , 45 (December 11, 1995), p. 1.
- "Group Led by Elf Signs Peru Oil, Gas Deal," Reuters (September 8,
1995).
- Oil and Gas Journal , 93 (January 16, 1995).
- "YPF S.A. Announces Successful Bid for Peru's La Pampilla Refinery,"
PR Newswire (June 12, 1996).
- Bowen, Sally, "News: The Americas: Sell-off initiative heading for trouble,"
Financial Times (April 16, 1996), p. 3.
- Financial Times (April 16, 1996), p. 3.
- Kielmas, Maria, "Latin America restructures," Petroleum Economist ,
62 (September 1995), p. 40.
- Kielmas, Maria, "Latin America restructures," Petroleum Economist ,
62 (September 1995), p. 41.
- Chevron Corporation, Press Release (June 28, 1995).
- "Enron Signs Bolivian Pipeline Deal," Latin American Energy Alert
(December 20, 1994).
- "Peru Action Simmering Despite Privatization Delays," Oil and Gas
Journal (August 7, 1995).
- Oil and Gas Investor, 15 (October 1995), pp. 94-95; and "Bolivia: Thirty-five
register for YPFB," Privatization International (October 1, 1995).
- "Foreign and Private Investment Needed," World Oil , 216 (August
1995), p.
45.
- "Gas Outlays to Rise in Trinidad/Tobago," Oil and Gas Journal (July
15,
1996), p. 26.
- The Coastal Corporation, Annual Report 1995 , p. 29.
- "Oil Industry Privatization, Russia Style," Petroleum Economist
(February 1996), p. 4.
- 4."Petroleum Intelligence Weekly Ranks the World's Top 50 Oil Companies,"
Petroleum Intelligence Weekly - Special Supplement Issue (December 18, 1995).
- Energy Information Administration, Country Analysis Briefs 1994
(May 1995), p.
- Eales, R. and Bourne, J., "Elf Reduces Its Stake in Enterprise Oil, Share Sale
Retains J-V," Platt's Oilgram News , Vol. 72, No. 215 (November 4, 1994), p. 1.
- Energy Information Administration, International Petroleum Statistics
Report (June 1996), pp. 6 and 8.
- "Russian Refining Shows Signs of Revival, Needs Investment," Oil & Gas
Journal (March 25, 1996), pp. 48, 51-52.
- "Russian Refining Shows Signs of Revival, Needs Investment," Oil &
Gas Journal (March 25, 1996), pp. 48, 51-52.
- "Russian Refining Shows Signs of Revival, Needs Investment," Oil &
Gas Journal (March 25, 1996), pp. 48, 51-52.
- Reserves and production:"Petroleum Intelligence Weekly Ranks the World's
Top 50 Oil Companies," Petroleum Intelligence Weekly, Special Supplement Issue
(December 18, 1995).
- Energy Information Administration, Country Analysis Briefs: 1995
(January 1996).
- Energy Information Administration, Country Analysis Briefs: 1995
(January 1996).
- "Robber Baron," Forbes (September 11, 1995), pp. 13-16.
- Saudi Arabia began outproducing the FSU in 1993.
- Nefte Compass, Vol. 5, No. 4 (January 25, 1996), p. 7.
- Energy Information Administration, Country Analysis Briefs : 1995
(January 1996).
- "Yeltsin Signs PSA Law As TOTAL Carries The Torch," Nefte Compass
, Vol. 5 No. 1 (January 4, 1996), pp. 1-2.
- "Reign of the Self-assured Lords; Russian Petroleum Industry; Industry
Overview," Petroleum Economist (March 1995), p. 33.
- "Reign of the Self-assured Lords; Russian Petroleum Industry; Industry
Overviews," Petroleum Economist (March 1995), p. 33.
- "New Pact for Kazakh-Russian Oil Pipeline," New York Times
(April 29, 1996), p. 8.
- The AIOC consists of British Petroleum/Statoil, Amoco, Exxon, Pennzoil,
Unocal, Lukoil, Itochu, Ramco, Delta-Nimar, Turkey's TPAO, and SOCAR. "Filling the
Vacuum," Russian Petroleum Investor (May 1996), p. 44.
- "Russia, Turkey Vie for Control Over Caspian Sea Oil Riches," The
Christian Science Monitor (April 24, 1996), p. 19.
- "Caspian Sea Attractive But Controversial," Petroleum Economist
(January 1996), p. 36.
- "Once-Major Oil Province Looks to Caspian for its Comeback; Caspian
Sea," Petroleum Economist (March 1996), p. 8.
- "Once-Major Oil Province Looks to Caspian for its Comeback; Caspian
Sea," Petroleum Economist (March 1996), p. 8.
- " Worldwide Refining Report," Oil and Gas Journal (December 18,
1995), p. 57.
- "Pipeline Problems Block Oil Sector Development," Petroleum
Economist (April 1996), p. 10.
- "Pipeline Problems Block Oil Sector Development," Petroleum
Economist (April 1996), p. 10.
- "OGJ Worldwide Production," Oil and Gas Journal (December 25,
1995), p. 43.
- "Pipeline Problems Block Oil Sector Development," Petroleum
Economist (April 1996), p.12
- "Samson Blows Away Hurrican, Wins Bid For Kazak Procucer," The Oil
Daily (June 7, 1996), p. 5.
- "Kazakhstan Sets Up Test Case for Oil Privatization," Financial Times
(April 30, 1996), p. 25.
- "Mobil Takes 25 Percent Piece of Tengiz Field,"