Prudent Management of Oil Revenues: Impacts of Government Capital Expenditures in Azerbaijan

2017 ◽  
Author(s):  
Sarvar Gurbanov ◽  
Jeffrey B. Nugent ◽  
Jeyhun Mikayilov
Keyword(s):  
Capital Expenditures ◽  
Oil Revenues

Bleaching optimization at WestRock mill in Covington, Virginia

TAPPI Journal ◽  
2016 ◽  
Vol 15 (9) ◽  
pp. 581-586 ◽  
Author(s):  
RICARDO B. SANTOS ◽  
PETER W. HART ◽  
DOUGLAS C. PRYKE ◽  
JOHN VANDERHEIDE
Keyword(s):  
Hydrogen Peroxide ◽  
Sodium Hydroxide ◽  
Chlorine Dioxide ◽  
Capital Expenditures ◽  
Equipment Repair ◽  
Optimization Program ◽  
Hardwood Pulp ◽  
Improved Performance

The WestRock mill in Covington, VA, USA, initiated a long term diagnostic and optimization program for all three of its bleaching lines. Benchmarking studies were used to help identify optimization opportunities. Capital expenditures for mixing improvement, filtrate changes, equipment repair, other equipment changes, and species changes were outside the scope of this work. This focus of this paper is the B line, producing southern hardwood pulp in a D(EP)DD sequence at 88% GE brightness. The benchmarking study and optimization work identified the following opportunities for improved performance: nonoptimal addition of caustic and hydrogen peroxide to the (EP) stage, carryover of D0 filtrate to the (EP) stage, and carryover of (EP) filtrate to the D1 stage. As a result of actions the mill undertook to address these opportunities, D0 kappa factor decreased about 5%, sodium hydroxide consumption in the (EP) stage decreased about 35%, chlorine dioxide consumption in the D1 stage decreased about 25%, and overall bleaching cost decreased about 15%.

Analyzing the figures of consolidated statement of cash flows of the world's biggest publicly traded oil and gas corporations

2020 ◽  
Vol 19 (6) ◽  
pp. 1101-1120
Author(s):  
O.V. Shimko
Keyword(s):  
Public Sector ◽  
Cash Flow ◽  
Oil And Gas ◽  
Cash Flows ◽  
Annual Reports ◽  
Capital Expenditures ◽  
Publicly Traded ◽  
The Public ◽  
Statement Of Cash Flows ◽  
Oil And Gas Companies

Subject. The article investigates key figures disclosed in consolidated cash flow statements of 25 leading publicly traded oil and gas companies from 2006 to 2018. Objectives. The focus is on determining the current level of values of the main components of consolidated statement of cash flows prepared by leading publicly traded oil and gas companies, identifying key trends within the studied period and factors that led to any transformation. Methods. The study draws on methods of comparative and financial-economic analysis, as well as generalization of materials of consolidated cash flow statements. Results. The comprehensive analysis of annual reports of 25 oil and gas companies enabled to determine changes in the key figures and their relation in the structure of consolidated cash flow statements in the public sector of the industry. It also established main factors that contributed to the changes. Conclusions. In the period under study, I revealed an increase in cash from operating activities; established that capital expenditures in the public sector of the industry show an overall upward trend and depend on the level of oil prices. The analysis demonstrated that even integrated companies’ upstream segment prevail in the capital expenditures structure. The study also unveiled an increase in dividend payments, which, most of the time, exceeded free cash flows thus increasing the debt burden.

Has the Sovereign Wealth Fund of Azerbaijan (SOFAZ) Been Able to Promote Economic Diversification?

2013 ◽  
Author(s):  
Vahid Yücesoy
Keyword(s):  
Fossil Fuels ◽  
Dutch Disease ◽  
Future Generations ◽  
Direct Control ◽  
Economic Diversification ◽  
Sovereign Wealth Funds ◽  
Sovereign Wealth Fund ◽  
Rentier States ◽  
Oil Revenues ◽  
Rich Countries

Oil-rich countries have oftentimes been confronted with the challenge of diversifying their economies away from oil dependence given the exhaustible nature of these fossil fuels. Investing in sovereign wealth funds has been one of the most ubiquitous ways of preparing for the post-oil period. Investing in sovereign wealth funds rather than directly injecting the oil revenues in the economy not only precludes the outbreak of the Dutch Disease (which is known for giving rise to an exchange rate appreciation, crowding out non-oil industries and keeping the economy reliant on oil), but it also saves for future generations. Yet, in the case of Azerbaijan, the Sovereign Wealth Fund of Azerbaijan (SOFAZ), founded in 1999, has only increased this reliance on oil. Using the rentier states theoretical framework, this paper will argue that the direct control over SOFAZ exercised by the president and the lack of consultation with the NGOs have made corruption easier, making the task of economic diversification more difficult. This has been possible because through corruption the president has often resorted to oil money to buy peace rather than invest it in economic diversification. As a result, since the foundation of SOFAZ, the country is more reliant, not less, on oil.   Full text available at: https://doi.org/10.22215/rera.v8i1.223  

scholarly journals The Policy Framework of Natural Resource Management in Oil-Dependence Countries

Economies ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 25
Author(s):  
Basem Ertimi ◽  
Tamat Sarmidi ◽  
Norlin Khalid ◽  
Mohd Helmi Ali
Keyword(s):  
Resource Management ◽  
Natural Resource Management ◽  
Natural Resource ◽  
Empirical Studies ◽  
Resource Curse ◽  
Policy Framework ◽  
Ecological Resources ◽  
Starting Point ◽  
Oil Revenues ◽  
Rich Countries

A variety of critical empirical studies are interested in and focused on complex issues related to natural resource management and resource curse, whilst less can be found combining diverse factors that affect the dynamics of this curse and mitigate it. The case study of Norway is used as the benchmark policy framework in oil-rich countries to invest oil revenues and set correct fiscal policies. In this study, an analytical framework was structured to evaluate the coherence of resource management with sustainability as a starting point, contributing to further assessments of how the adaptation of such policies is incorporated in resource management to mitigate the resource curse. The analysis also suggests that oil-rich countries can learn from Norway’s experience to mitigate this resource curse and utilize oil revenues in the interest of the country. In addition, the analysis helps in effective management and the protection of ecological resources as these are becoming an increasingly important strategic part of natural wealth. This study aimed to provide an overarching framework designed to help conceptualize key issues of natural resource management and the resource curse in oil-rich countries and understand the challenges facing those countries in managing the natural resources.

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