Kazakhstan faces challenges in developing its economy and leveraging foreign direct investment. Eni, an Italian energy company, has operated in Kazakhstan since 1992 through joint ventures and subsidiaries. It explores for and produces oil and gas, and provides engineering and construction services. Eni produces over 100,000 barrels of oil equivalent per day in Kazakhstan. The country aims to develop its industrial infrastructure and utilize its natural resource wealth to drive economic growth.
Lecture 8 - Innovation dynamics in the World EconomyUNU.MERIT
The document discusses innovation dynamics in the world economy. It notes that the world economy has long provided incentives for innovation through markets, specialization of production, and opportunities for catching up. However, the current era features new dynamics like the globalization and decentralization of research. While this brings opportunities through access to knowledge and markets, it also poses challenges for countries in maintaining competitiveness and for developing countries in building capabilities to absorb knowledge. The policy debate often focuses on R&D investment but developing countries face more fundamental questions about which types of innovation best suit their level of development and needs.
Lecture 5 - Indicators of innovation and technological change: R&D and patentsUNU.MERIT
This document discusses several common indicators used to measure science, technology and innovation in economies. It describes metrics such as productivity growth accounting, research and development spending, patent counts and citations, bibliometric analysis of publications and citations, and data from innovation surveys. These indicators are used to analyze factors like technological change, knowledge diffusion, economic growth, and the impact of science on standards of living.
This document contains monthly data on various macroeconomic indicators for India from June 2008 to August 2011. It includes implied growth rate, inflation rate, GDP growth, benchmark interest rate, foreign institutional investment (FII) activity, mutual fund (MF) activity, and domestic institutional investment (DII) activity. A statistical analysis shows that the implied growth rate is not correlated with other macroeconomic factors. Using the average implied growth rate over the period, an ideal Sensex value of around 14,105 is calculated based on trailing twelve-month earnings per share.
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
The document provides a summary of SKF Group's year-end results for 2009. Key points include a strong cash flow but a dramatic 24.3% drop in sales volume year-over-year. Positive price/mix effects and cost reduction efforts helped profits. The outlook for Q1 2010 sales is slightly higher than Q4 2009 and Q1 2009, with higher expected growth in Asia and Latin America.
Lecture 4 - Macroeconomic analysis of technological changeUNU.MERIT
This document discusses macroeconomic analysis of technological change and its impact on production functions and employment. It covers several key topics:
1) Characteristics of production functions including returns to scale, decreasing marginal returns, and how technology may influence assumptions about these characteristics.
2) Different forms of production functions including Cobb-Douglas and CES functions, and how they model substitutability and elasticity of substitution between factors.
3) How technological change can be labor-saving, capital-saving, or neutral and influence the bias of technological progress over time.
4) Endogenous technological change models and the relationship between R&D investment, productivity growth, and economic growth.
5) De
1) Foreign direct investment and foreign institutional investment are both types of cross-border investment but differ in nature. While FDI involves direct ownership in a business located in another country, FII refers to foreign investment in the stock markets of another country.
2) FDI provides greater control rights and is a longer term commitment, whereas FII is more short-term in nature and does not provide control over operations.
3) Both FDI and FII can provide benefits like increased capital flows and investment, but FII is more prone to being "hot money" that leaves quickly.
Localiza Rent a Car reported strong results for 1Q08, with net revenue up 16.6% to R$470.5 million and EBITDA increasing 23.2% to R$120.9 million. The company's average rented fleet grew 27.8% to 35,817 vehicles while daily car rentals were up 18% to 28,022. Free cash flow was negatively impacted by a R$89.3 million reduction in the vehicle supplier account, but excluding this would be R$36.2 million for 1Q08.
Lecture 8 - Innovation dynamics in the World EconomyUNU.MERIT
The document discusses innovation dynamics in the world economy. It notes that the world economy has long provided incentives for innovation through markets, specialization of production, and opportunities for catching up. However, the current era features new dynamics like the globalization and decentralization of research. While this brings opportunities through access to knowledge and markets, it also poses challenges for countries in maintaining competitiveness and for developing countries in building capabilities to absorb knowledge. The policy debate often focuses on R&D investment but developing countries face more fundamental questions about which types of innovation best suit their level of development and needs.
Lecture 5 - Indicators of innovation and technological change: R&D and patentsUNU.MERIT
This document discusses several common indicators used to measure science, technology and innovation in economies. It describes metrics such as productivity growth accounting, research and development spending, patent counts and citations, bibliometric analysis of publications and citations, and data from innovation surveys. These indicators are used to analyze factors like technological change, knowledge diffusion, economic growth, and the impact of science on standards of living.
This document contains monthly data on various macroeconomic indicators for India from June 2008 to August 2011. It includes implied growth rate, inflation rate, GDP growth, benchmark interest rate, foreign institutional investment (FII) activity, mutual fund (MF) activity, and domestic institutional investment (DII) activity. A statistical analysis shows that the implied growth rate is not correlated with other macroeconomic factors. Using the average implied growth rate over the period, an ideal Sensex value of around 14,105 is calculated based on trailing twelve-month earnings per share.
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
The document provides a summary of SKF Group's year-end results for 2009. Key points include a strong cash flow but a dramatic 24.3% drop in sales volume year-over-year. Positive price/mix effects and cost reduction efforts helped profits. The outlook for Q1 2010 sales is slightly higher than Q4 2009 and Q1 2009, with higher expected growth in Asia and Latin America.
Lecture 4 - Macroeconomic analysis of technological changeUNU.MERIT
This document discusses macroeconomic analysis of technological change and its impact on production functions and employment. It covers several key topics:
1) Characteristics of production functions including returns to scale, decreasing marginal returns, and how technology may influence assumptions about these characteristics.
2) Different forms of production functions including Cobb-Douglas and CES functions, and how they model substitutability and elasticity of substitution between factors.
3) How technological change can be labor-saving, capital-saving, or neutral and influence the bias of technological progress over time.
4) Endogenous technological change models and the relationship between R&D investment, productivity growth, and economic growth.
5) De
1) Foreign direct investment and foreign institutional investment are both types of cross-border investment but differ in nature. While FDI involves direct ownership in a business located in another country, FII refers to foreign investment in the stock markets of another country.
2) FDI provides greater control rights and is a longer term commitment, whereas FII is more short-term in nature and does not provide control over operations.
3) Both FDI and FII can provide benefits like increased capital flows and investment, but FII is more prone to being "hot money" that leaves quickly.
Localiza Rent a Car reported strong results for 1Q08, with net revenue up 16.6% to R$470.5 million and EBITDA increasing 23.2% to R$120.9 million. The company's average rented fleet grew 27.8% to 35,817 vehicles while daily car rentals were up 18% to 28,022. Free cash flow was negatively impacted by a R$89.3 million reduction in the vehicle supplier account, but excluding this would be R$36.2 million for 1Q08.
The document summarizes CCR's 2Q12 earnings results. Key highlights include an 11% increase in net revenues compared to 2Q11, a 13.4% increase in EBITDA with margins up 1.3 percentage points, and a 37.7% increase in net income. Traffic increased by 1.4% while electronic toll collections reached 67.4% of revenues. EBITDA margins expanded due to increased cash generation and cost reductions, including lower concession fees, personnel costs, and maintenance provisions.
CCR reported strong financial results for 1Q07, with a 4.6% increase in traffic, 6.1% revenue growth, and 27.3% higher net income. Key highlights included a 35% rise in electronic toll collection users and being selected as the preferred bidder for a new highway concession. Operating efficiency contributed to margin expansion, as total costs declined 5.3% despite traffic growth. The results reflect CCR's focus on cost management. CCR also paid out dividends of $455.6 million for fiscal year 2006, representing an 83.2% payout ratio.
Banco ABC - 2nd Quarter 2008 Results PresentationBanco ABC Brasil
The 2Q08 earnings presentation highlighted strong growth and profitability for Banco ABC Brasil. Net income grew 14.2% quarter-over-quarter to R$43.4 million, with the efficiency ratio improving to 35.1%. The credit portfolio expanded 12.4% to R$6.5 billion due to increases across business segments. Guidance forecasts 47-57% growth in the total credit portfolio and 12-18% growth in expenses for 2008.
- Localiza reported a 26.4% increase in net revenue and a 61.6% increase in net income for 1Q10 compared to 1Q09. Daily car rentals grew 21.4% while fleet size increased 15,791 vehicles.
- EBITDA margins remained stable across divisions. Depreciation per car fell again in 1Q10. Net debt was reduced by R$16.5 million despite a small fleet increase.
- The results demonstrate a return to high growth levels following the economic crisis, with strengthening demand across all business divisions.
1) Localiza reported record results for the third quarter of 2010, with consolidated net revenue increasing 52.2% compared to the third quarter of 2009.
2) EBITDA grew 53.7% versus the prior year period, also setting a record.
3) Net income increased dramatically by 263.6%, to a record R$74.9 million.
Garuda Indonesia reported on its financial and operating results for the second quarter of 2011. Key highlights include:
- Passenger traffic grew 3.1% year-over-year to 45 million passengers in the second quarter.
- Revenue increased 40.5% to IDR 6 trillion, while expenses rose 39.1% to IDR 6.1 trillion.
- EBITDAR grew 31.9% to IDR 878 billion.
- Load factor increased to 75.1% and passenger yield rose 13.9% to 9.4 US cents.
Overall, Garuda saw continued growth in the second quarter of 2011 with increases in passengers, revenue and profits, although
The document provides an overview of New Zealand's marine cluster. It summarizes that the cluster generates NZ$1.9 billion in annual sales, with growth across most segments from 2003-2008. The largest segments are superyachts, launches, and trailer boats. The cluster is growing but faces challenges such as a lack of cluster strategy and collaboration that recommendations hope to address through a new cluster program, investment incentives, trade improvements, and infrastructure development.
The document provides financial highlights and results from CCR for 1Q09. It reported a 15.4% increase in net revenue and 9.8% increase in EBIT. EBITDA grew 13.1% compared to 1Q08. Traffic increased 16.3% in 1Q09 driven primarily by its toll road concessions. The results demonstrate the resilience of CCR's business model amid economic fluctuations. CCR also provided updates on acquisitions, dividends, and traffic trends by concession in the period.
Wesgro presentation by Jacyntha Maclennan : West Coast opportunitiesguylundy
- Wesgro is an organization established by the Western Cape provincial government to attract investment, grow exports, and market the Western Cape as a business destination.
- The Western Cape economy has consistently outperformed South Africa's national economy in terms of GDP growth since 2000. The finance, real estate, and business services sectors now make up the largest share of the Western Cape economy.
- The Saldanha Bay Industrial Development Zone aims to attract investment and drive economic growth in the West Coast region through tax incentives and infrastructure development.
Vivo reported its financial results for the fourth quarter of 2009. Total revenue increased 3.4% year-over-year to R$16.4 billion, driven by a 5.9% increase in net service revenue to R$15 billion. EBITDA grew 7.2% to R$5.2 billion and net income more than doubled to R$857.5 million. The number of total accesses increased 14.3% year-over-year to 51.7 million. Data usage also grew significantly, with mobile internet users up 58% and data and value-added services revenue increasing 41.5% compared to the previous year.
Apresentação Institucional RI - Maio 2012Embraer RI
The document outlines Embraer's corporate and business strategy, product portfolio, financial results, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, diversification, and excellence in customer experience.
2) Their commercial and executive jet deliveries have grown steadily since 2007. Financial revenues have also increased each year.
3) Embraer forecasts over 7,000 new jet deliveries valued at $320 billion in the 30-120 seat market segment through 2030.
4) Their diverse product portfolio spans light executive jets to large commercial aircraft. Over 100 airlines in 48 countries operate E-Jets.
JBS reported their second quarter 2007 results, which showed increases in total net revenue, total volume, and average sales price compared to the second quarter of 2006. Some key events included the acquisition of Swift Foods, making JBS the largest beef producer globally, and an increase in cattle slaughtering capacity through expansion and acquisition of plants. Export volumes and revenues increased substantially year-over-year, with the largest export markets being the United Kingdom, Holland, Russia, and Italy. Capital expenditures were made to increase processing capacity at several Brazilian plants.
The document provides a summary of CCR's current portfolio and financial results for 3Q08. It discusses the company's operating highlights, including traffic growth and revenue increases. It also covers CCR's indebtedness levels, CAPEX schedule, and provides an overview of each concession. The presentation aims to inform investors about CCR's business performance and outlook.
Ideiasnet reported financial results for 4Q08 and full year 2008. 4Q08 gross revenue grew 9.8% and net revenue grew 11.7% over 4Q07. EBITDA grew 95.2% in 4Q08 and 33% for the full year. Net income declined 42% in 4Q08 and 63% for the full year due to negative foreign exchange impacts. The portfolio companies Officer, Softcorp, and Spring Wireless saw revenue and EBITDA growth in 4Q08 and 2008, while Padtec and iMusica experienced strong revenue growth.
Electrolux Capital Markets Day 2012 - Presentation Alberto ZanataElectrolux Group
Electrolux Capital Markets Day. November 14, 2012, Stockholm, Sweden. Together with senior management, the President and CEO of Electrolux, Keith McLoughlin will present the Group’s strategy to create further sustainable economic value at today’s capital markets day.
Apresentação sem discurso 2 t10 aes eletropaulo final_eng (final)AES Eletropaulo
- AES Eletropaulo reported higher energy volume, earnings, and cash generation in 2Q10 compared to 2Q09. Net income increased 201% due to market growth, tariff adjustments, and one-off gains.
- EBITDA more than doubled due to increased revenue, lower expenses, and a one-time settlement. Cash flow was up 37% despite higher capital expenditures.
- The results demonstrate the company's improved operational and financial performance through consumption growth, expense management, and non-recurring items.
The document contains names and identification numbers of six individuals: Nicol Destre 627261, Priscilla Martella 630601, Michela Rossi 627451, Beatrice Ruospo 630641, Giulia Romana Penna 627391. No other information is provided.
Tugas xii ips 3 amalia ihsana dan jannatun nisaPaarief Udin
The document discusses narrative text. It begins by explaining that narrative text aims to entertain readers about past stories or tales. It then discusses the characteristics and generic structure of narrative text, including orientation, complication, and resolution. An example narrative text called "The Frog Prince" is also provided and includes 7 multiple choice comprehension questions about the example text.
The document summarizes CCR's 2Q12 earnings results. Key highlights include an 11% increase in net revenues compared to 2Q11, a 13.4% increase in EBITDA with margins up 1.3 percentage points, and a 37.7% increase in net income. Traffic increased by 1.4% while electronic toll collections reached 67.4% of revenues. EBITDA margins expanded due to increased cash generation and cost reductions, including lower concession fees, personnel costs, and maintenance provisions.
CCR reported strong financial results for 1Q07, with a 4.6% increase in traffic, 6.1% revenue growth, and 27.3% higher net income. Key highlights included a 35% rise in electronic toll collection users and being selected as the preferred bidder for a new highway concession. Operating efficiency contributed to margin expansion, as total costs declined 5.3% despite traffic growth. The results reflect CCR's focus on cost management. CCR also paid out dividends of $455.6 million for fiscal year 2006, representing an 83.2% payout ratio.
Banco ABC - 2nd Quarter 2008 Results PresentationBanco ABC Brasil
The 2Q08 earnings presentation highlighted strong growth and profitability for Banco ABC Brasil. Net income grew 14.2% quarter-over-quarter to R$43.4 million, with the efficiency ratio improving to 35.1%. The credit portfolio expanded 12.4% to R$6.5 billion due to increases across business segments. Guidance forecasts 47-57% growth in the total credit portfolio and 12-18% growth in expenses for 2008.
- Localiza reported a 26.4% increase in net revenue and a 61.6% increase in net income for 1Q10 compared to 1Q09. Daily car rentals grew 21.4% while fleet size increased 15,791 vehicles.
- EBITDA margins remained stable across divisions. Depreciation per car fell again in 1Q10. Net debt was reduced by R$16.5 million despite a small fleet increase.
- The results demonstrate a return to high growth levels following the economic crisis, with strengthening demand across all business divisions.
1) Localiza reported record results for the third quarter of 2010, with consolidated net revenue increasing 52.2% compared to the third quarter of 2009.
2) EBITDA grew 53.7% versus the prior year period, also setting a record.
3) Net income increased dramatically by 263.6%, to a record R$74.9 million.
Garuda Indonesia reported on its financial and operating results for the second quarter of 2011. Key highlights include:
- Passenger traffic grew 3.1% year-over-year to 45 million passengers in the second quarter.
- Revenue increased 40.5% to IDR 6 trillion, while expenses rose 39.1% to IDR 6.1 trillion.
- EBITDAR grew 31.9% to IDR 878 billion.
- Load factor increased to 75.1% and passenger yield rose 13.9% to 9.4 US cents.
Overall, Garuda saw continued growth in the second quarter of 2011 with increases in passengers, revenue and profits, although
The document provides an overview of New Zealand's marine cluster. It summarizes that the cluster generates NZ$1.9 billion in annual sales, with growth across most segments from 2003-2008. The largest segments are superyachts, launches, and trailer boats. The cluster is growing but faces challenges such as a lack of cluster strategy and collaboration that recommendations hope to address through a new cluster program, investment incentives, trade improvements, and infrastructure development.
The document provides financial highlights and results from CCR for 1Q09. It reported a 15.4% increase in net revenue and 9.8% increase in EBIT. EBITDA grew 13.1% compared to 1Q08. Traffic increased 16.3% in 1Q09 driven primarily by its toll road concessions. The results demonstrate the resilience of CCR's business model amid economic fluctuations. CCR also provided updates on acquisitions, dividends, and traffic trends by concession in the period.
Wesgro presentation by Jacyntha Maclennan : West Coast opportunitiesguylundy
- Wesgro is an organization established by the Western Cape provincial government to attract investment, grow exports, and market the Western Cape as a business destination.
- The Western Cape economy has consistently outperformed South Africa's national economy in terms of GDP growth since 2000. The finance, real estate, and business services sectors now make up the largest share of the Western Cape economy.
- The Saldanha Bay Industrial Development Zone aims to attract investment and drive economic growth in the West Coast region through tax incentives and infrastructure development.
Vivo reported its financial results for the fourth quarter of 2009. Total revenue increased 3.4% year-over-year to R$16.4 billion, driven by a 5.9% increase in net service revenue to R$15 billion. EBITDA grew 7.2% to R$5.2 billion and net income more than doubled to R$857.5 million. The number of total accesses increased 14.3% year-over-year to 51.7 million. Data usage also grew significantly, with mobile internet users up 58% and data and value-added services revenue increasing 41.5% compared to the previous year.
Apresentação Institucional RI - Maio 2012Embraer RI
The document outlines Embraer's corporate and business strategy, product portfolio, financial results, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, diversification, and excellence in customer experience.
2) Their commercial and executive jet deliveries have grown steadily since 2007. Financial revenues have also increased each year.
3) Embraer forecasts over 7,000 new jet deliveries valued at $320 billion in the 30-120 seat market segment through 2030.
4) Their diverse product portfolio spans light executive jets to large commercial aircraft. Over 100 airlines in 48 countries operate E-Jets.
JBS reported their second quarter 2007 results, which showed increases in total net revenue, total volume, and average sales price compared to the second quarter of 2006. Some key events included the acquisition of Swift Foods, making JBS the largest beef producer globally, and an increase in cattle slaughtering capacity through expansion and acquisition of plants. Export volumes and revenues increased substantially year-over-year, with the largest export markets being the United Kingdom, Holland, Russia, and Italy. Capital expenditures were made to increase processing capacity at several Brazilian plants.
The document provides a summary of CCR's current portfolio and financial results for 3Q08. It discusses the company's operating highlights, including traffic growth and revenue increases. It also covers CCR's indebtedness levels, CAPEX schedule, and provides an overview of each concession. The presentation aims to inform investors about CCR's business performance and outlook.
Ideiasnet reported financial results for 4Q08 and full year 2008. 4Q08 gross revenue grew 9.8% and net revenue grew 11.7% over 4Q07. EBITDA grew 95.2% in 4Q08 and 33% for the full year. Net income declined 42% in 4Q08 and 63% for the full year due to negative foreign exchange impacts. The portfolio companies Officer, Softcorp, and Spring Wireless saw revenue and EBITDA growth in 4Q08 and 2008, while Padtec and iMusica experienced strong revenue growth.
Electrolux Capital Markets Day 2012 - Presentation Alberto ZanataElectrolux Group
Electrolux Capital Markets Day. November 14, 2012, Stockholm, Sweden. Together with senior management, the President and CEO of Electrolux, Keith McLoughlin will present the Group’s strategy to create further sustainable economic value at today’s capital markets day.
Apresentação sem discurso 2 t10 aes eletropaulo final_eng (final)AES Eletropaulo
- AES Eletropaulo reported higher energy volume, earnings, and cash generation in 2Q10 compared to 2Q09. Net income increased 201% due to market growth, tariff adjustments, and one-off gains.
- EBITDA more than doubled due to increased revenue, lower expenses, and a one-time settlement. Cash flow was up 37% despite higher capital expenditures.
- The results demonstrate the company's improved operational and financial performance through consumption growth, expense management, and non-recurring items.
The document contains names and identification numbers of six individuals: Nicol Destre 627261, Priscilla Martella 630601, Michela Rossi 627451, Beatrice Ruospo 630641, Giulia Romana Penna 627391. No other information is provided.
Tugas xii ips 3 amalia ihsana dan jannatun nisaPaarief Udin
The document discusses narrative text. It begins by explaining that narrative text aims to entertain readers about past stories or tales. It then discusses the characteristics and generic structure of narrative text, including orientation, complication, and resolution. An example narrative text called "The Frog Prince" is also provided and includes 7 multiple choice comprehension questions about the example text.
The document discusses the current status and growth of the electrospinning equipment market. It notes that interest in electrospinning technology to produce nanofibers has grown significantly in recent years due to various applications. This has led to growth in the number of lab-scale electrospinning equipment manufacturers and models available, ranging from basic to advanced systems. Key factors influencing the choice of equipment include modularity, sample size, throughput, safety, and price, depending on whether it will be used for academic or industrial research. The market for electrospinning equipment is expected to continue expanding rapidly to enable further research and industrial adoption of nanofiber technologies.
21st century teaching and learning with iPadDonna Spear
The document describes a workshop for teaching 21st century skills using iPads. The workshop covers getting connected to the school network, essential iPad tips, and demoing various educational apps. The morning session is divided into three parts: setting up the iPads, exploring educational apps like Nearpod and Socrative, and using apps like Stage and Skype. The document provides links to resources and example apps to help teachers integrate iPads into classroom instruction.
The document summarizes the main bones that make up the human skeletal system. It describes the bones that comprise the skull, hands, arms, spine, ribs, hips, legs, and feet. Key bones mentioned include the cranial and facial bones of the skull, phalanges in the fingers, ulna and radius in the forearms, vertebrae in the spine, femur and tibia in the legs, and tarsal and metatarsal bones in the feet. The skeletal system provides structure and support to the body through this network of bones.
The document expresses gratitude for the Wii video game console because it allows playing many fun games where the player controls their character through motion controls and has a large library of awesome games. It also expresses gratitude for friends who provide companionship and fun through play dates to prevent loneliness. Finally, it expresses gratitude for pets like cats and dogs for being cute, playing with their owners, and being a good friend.
This document provides instructions for installing Joomla! 1.5, including:
- Minimum system requirements such as PHP version and database support
- Obtaining the Joomla! files from the official website or nightly builds
- Preparing for installation by setting up the database, FTP details, and passwords
- Guiding users through either a web browser or manual installation process with detailed steps
- Addressing potential issues and error handling techniques
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
View from paper industry: energy management, Laurent De Munck, Cobelpa, BelgiumEuropeanPaper
This document discusses energy efficiency in the Belgian pulp and paper industry. It outlines voluntary agreements from 2000-2012 where companies committed to targets for improving energy efficiency. These agreements helped the industry reduce its energy intensity index by 35% over this period. It also increased the share of cogeneration which supplies steam in a more efficient way. Going forward, the document proposes continuing voluntary agreements from 2013-2020 with a focus on renewable energy, energy efficiency, sustainable products and reducing the carbon footprint over the full life cycle of paper products.
CCR reported its 1Q12 earnings results, which showed increases in several key financial metrics compared to 1Q11:
- Traffic increased 5.1%
- EBITDA increased 17.9% to R$780.5 million, with the margin expanding 1.9 percentage points to 65.3%
- Net income increased 64.7% to R$288.6 million
The earnings growth was driven by increased cash flow generation from higher traffic and tariffs, combined with reductions in operational costs and financial expenses. Subsequent to 1Q12, CCR also reported the acquisition of an 80% stake in BARCAS and being awarded the concession for Transolímpica.
The document discusses academia-industry collaboration in Denmark, specifically regarding technology transfer and university spin-outs. It provides statistics on invention disclosures, patent applications, licensing agreements, and spinouts from 2000-2010. It also details the goals, resources, and partner organizations of Copenhagen Spin-outs, a initiative to increase the number of sustainable biotech spinouts. The document highlights 5 key points about improving academia-industry collaboration, such as changing scientists' mindsets, securing technology transfer office resources, earlier industry involvement, properly structuring spinouts, and maintaining momentum while reducing bureaucracy.
Israel has a population of around 7.2 million people and has experienced steady GDP growth in recent years. It has a strong high-tech sector with many foreign companies establishing R&D centers in Israel to take advantage of the entrepreneurial and innovative environment. The government provides strong support for investment and economic growth through grants, tax benefits, and other policies aimed at promoting sectors like technology, life sciences, and clean technologies.
Israel Creating Synergies in Life SciencesSharon Weshler
Israel is a global leader in innovation and technological excellence in the life sciences sector. It has a strong track record of breakthroughs in areas like medical devices, biotechnology, and pharmaceuticals. The country has a highly educated workforce, strong government support for R&D investment, and a culture that fosters entrepreneurship and innovation. Investing in Israel provides access to cutting edge research and opportunities to drive profit through new discoveries and technologies in life sciences.
National Oilwell Varco is the largest oilfield equipment company in the world. Through a strategy of mergers and acquisitions over the past 15 years, it has achieved superior returns on investment compared to industry averages. It provides complete solutions for oil and gas customers through its all-in-one business model. Current success is linked to its strategic initiatives of constant growth through acquisitions, international expansion via mergers and acquisitions, and offering customers an all-in-one solution from rigs to petroleum distribution through its portfolio of brands.
The document discusses price risk management strategies for cocoa producers and exporters. It begins by outlining world cocoa price movements, production, and trade data. It then examines the Philippines' cocoa exports and imports. The presentation identifies various risks like price fluctuations, non-performance by buyers or sellers, and proposes hedging strategies. It also discusses opportunities for Philippine cocoa, including branding under certifications and telling the story of cocoa production from "plot to gut". The director concludes by encouraging the audience to package Davao cocoa as a reliable brand that consumers always know what they will get.
Развитие финансового сектора Казахстана в посткризисный периодАО "Самрук-Казына"
Презентация к докладу заместителя председателя Национального банка Казахстана Данияра Акишева на казахстанско-американском инвестиционном форуме в Нью-Йорке 7 декаьря 2011 года.
Energias do Brasil held a conference call to discuss its 2Q07 earnings results. The company reported strong growth in revenue and EBITDA of 27.3% and 91.6% respectively compared to 2Q06. Net income increased substantially to R$333 million from R$26 million in 2Q06. Manageable costs were impacted by some non-recurring provisions but productivity gains helped offset costs. The company also reduced debt levels and extended debt maturities. Overall, the results demonstrated continued improvement in the company's financial and operating performance in 2Q07.
The document provides information on Embraer's corporate and business strategy, aircraft deliveries, revenues, backlog, product portfolio, and defense and security division. The key points are:
- Embraer focuses on organic growth, margins enhancement, diversification of business and revenues, and excellence in customer experience.
- Aircraft deliveries increased between 2006-2011 for both commercial and executive jets. Revenues grew from $3.76 billion in 2006 to $5.8 billion in 2011.
- The firm backlog was $21 billion in 2011 and Embraer has a diverse product portfolio and over 1,000 customers from 48 countries.
- The defense and security division focuses on intelligence,
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
This document provides an analysis of the Polish media market in early 2012. It includes summaries of television viewing levels, revenues and expenditures for different media platforms. Overall, television consumption in January-February 2012 was slightly lower than the previous two years. However, revenues were up 3% over the same period in 2011, driven by growth in cinema and radio. The share of the largest TV channels continues to decline as thematic channels gain popularity. Internet advertising is growing the fastest but television remains the primary platform. The outlook calls for stagnation in the second half of 2012 after increases due to Euro 2012 in the spring.
The document provides financial results and operational data for MMX Mineração e Metálicos S.A. for the first quarter of 2012. Key highlights include:
- Sales volumes decreased 28% quarter-over-quarter and 13% year-over-year.
- Net revenues decreased 43% quarter-over-quarter and 11% year-over-year.
- Net profit decreased 29% quarter-over-quarter and 23% year-over-year.
- EBITDA decreased 91% quarter-over-quarter and 90% year-over-year.
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Kazakhstan has experienced strong economic growth in recent years driven by exports of oil and metals. GDP growth averaged over 9% annually from 2004-2008. However, Kazakhstan's economy, like others, has been impacted by the global economic downturn with GDP growth slowing to 1.2% in 2009. Private consumption, government spending, and investment have all continued to increase but at slower rates. Exports, which had been growing over 35% annually, declined sharply in 2009. ENI has played a major role in Kazakhstan's oil and gas industry through projects like Karachaganak and Kashagan and continues working to develop the country's energy resources.
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1. Kazakhstan’s Challenge
international trade
case study
Umberto de Feo, Priscilla Martella, Beatrice Ruospo
2. Agenda
PART 1: Company’s presentation
• Brief history of ENI S.p.A.
• Mission and Values
• Financial and operational highlights
• Key Factors Tag Cloud and Future targets
• Geographic Presence
PART 2: Kazakhstan’s overview
• Highlights
• Economic outlook
• Eni’s activities and initiatives in Kazakhstan
• GDP Composition and Figures
• Eni in Kazakhstan
• FDI Inflows and Determinants
• Revealed Comparative Advantage
PART 3: Host country effects
• Effects on industry
• Effects on local community and workers
• ENI’s distinctiveness: Energy for development
3. Brief history of ENI S.p.A.
’20 •1926 Establishment of AGIP (Azienda Generale Italiana Petroli) – Italian General Oil Company
•1945 Enrico Mattei is appointed Provisional Administrator of Agip
’40 • Exploration begun in Italy and foreign ventures initiated (Romania, Albania, Iraq)
’50 • 1953 Eni (Ente Nazionale Idrocarburi) is established; Enrico Mattei is the first Chairman
• 1957 Agreement signed with Iran and the revolutionary "Mattei formula" is launched which involves the producer country
‘60 in the management of its oil resources. This formula breaks the monopoly of the major oil companies, enabling the local
State Authority to share in the profits of oil and gas development.
‘70 •1971 Using a new "gravity" platform Agip discovers and then brings into production the "Loango" field in offshore Congo
•1973 The oil crisis favours the implementation of a policy based on natural gas as an alternative source to meet Italian
‘80 energy needs
•Agreement reached with Algeria and Netherlands for the supply of natural gas
• Agreement reached with Libya for the exploitation of the Mediterranean's largest oil field
•1992 Eni becomes a joint stock company
‘90 •1993 Contracts and agreements signed for oil exploration in Kazakhstan, China and Russia
•1997 Two major agreements signed with Kazakhstan: Karachaganak Project and Caspian Project
•1998 Eni incorporates Agip, thus becoming directly an oil and gas producer. Eni's daily oil and gas production reaches 1
million barrels of oil
•1999 Eni-Gazprom agreement for the Blue Stream Project
•2000 British Borneo acquisition. Agreements for the development of oil and gas fields in Iran
‘00 •2001 Eni is named sole operator of the North Caspian Sea project in the Kazakh Offshore
•2003 AgipPetroli is merged into Eni
•2004 Development of the Kashagan’s plan: the giant field in the Kazakh offshore of Caspian Sea, was
approved
•2006 Eni and Gazprom signed in Moscow an agreement that sets up an international, in the mid and
downstream gas
4. Mission and Values
Eni is an open, dynamic and integrated energy company, committed to developing its activities
in research, production, transport, transformation and marketing of oil and natural gas.
Businesses
Exploration & Transformation Oilfield Services
Oil and Gas Transportation Petrochemicals Engineering
Production & Mktg Construction
Eni in numbers:
“We are a major integrated energy company,
Revenues: €84.3 billion committed to growth in the activities of
Net Profit: €5.3 billion finding, producing, transporting, transforming
Ebitda Margin: 26.28% andmarketing oil and gas. Eni men and women have a
passion for challenges, continuous improvement,
Main businesses: excellence and particularly value people, the environment
• Exploration & Production and integrity”
Net profit: €3.8 billion
• Gas & Power Eni’s mission
Net profit: €2.9 billion
5. Key Factors Tag Cloud
attract young talent
innovation
sustainability
corporate responsibility culture
innovation change
efficiency qualified human resources
internal cohesion partnership
o Growth in core business
Future o Grow market share in Italy
o Upgrade in marketing network
Targets o Continue the integration of core activities
o Focus on operating efficiency
o Developing proprietary tech. to support Eni's growth process
o Maximize return for shareholders
6. Geographical Presence
ENI is active in 77 countries, with a staff of 78,400 employees.
Exploration and Production Engineering and Construction
Gas and Power Petrochemicals
Refining and Marketing
7. Kazakhstan’s Highlights
Population 15.4 million (2009 est.)
Country Risk rating B
Ease of doing business Rank 70 out of 181 (2008
est.)
Global competitiveness 4.08 - 67 out of 133 (2009
report est.)
Source: GlobalEdge
8. Kazakhstan’s Economic outlook
GDP annual growth rate in percentage
avg '92-'03 2004 2005 2006 2007 2008 2009
ITALY 1,44 1,53 0,66 2,04 1,48 -1,32 -5,04
KAZAKHSTAN 1,40 9,60 9,70 10,70 8,90 3,30 1,20
Source: World Bank Italy spreadsheet, Kazakhstan spreadsheet
GDP per capita as a percentage of U.S. GDP per capita (current USD)
2004 2005 2006 2007 2008 2009
ITALY 73,68% 71,31% 70,78% 76,72% 81,31% 75,55%
KAZAKHSTAN 7,13% 8,87% 11,85% 14,58% 18,03% 14,79%
Source: World Bank Kazakhstan spreadsheet
GDP growth rate
GDP per capita % of U.S. GDP per capita
12,00 90,00%
81,31%
10,00 80,00% 73,68% 76,72% 75,55%
71,31% 70,78% Italy
8,00 70,00%
Kazakhstan
6,00 60,00%
4,00 50,00%
2,00 40,00%
0,00 30,00%
-2,00 2004 2005 2006 2007 2008 2009 18,03%
20,00% 14,58% 14,79%
11,85%
7,13% 8,87%
-4,00 10,00%
-6,00 0,00%
2004 2005 2006 2007 2008 2009
9. GDP Composition
Kazakhstan Economic Outlook
2004 2005 2006 2007 2008 2009
BN USD Percentage changes, volume (2004 prices)
Private consumption 16,12 11,1 13,8 10,6 9,0 5,2
Government consumption 2,93 10,8 7,3 14,7 10,5 10,5
Gross fixed capital formation 5,78 28,1 26,5 23,9 8,7 6,9
Total domestic demand 24,83 15,0 16,4 14,8 9,1 6,3
Exports of goods (BoP, current USD) 20,60 37,4 37,0 24,7 48,9 -38,9
Exports of services (BoP, current USD) 2,01 10,9 26,5 26,5 24,2 -3,7
Exports of goods and services (BoP, current USD) 22,61 35,0 36,2 24,9 47,2 -36,9
Imports of goods (BoP, current USD) 13,82 30,1 34,2 37,9 15,6 -25,2
Imports of services (BoP, current USD) 5,11 46,7 16,9 33,9 -5,2 -9,5
Imports of good and services (BoP, current USD) 18,93 34,6 29,1 36,8 10,2 -21,6
NET EXPORTS 3,69 37,1 72,1 -20,4 287,4 -65,0
GDP at chain-linked prices 9,60 9,70 10,70 8,90 3,30 1,20
Inflation rate* 6,7 7,5 8,4 18,8 9,5 6,2
Unemployment rate 8,4 8,0 8,1 7,4 7,3 6,6
Current account balance (BoP, current USD) -223,0 -414,8 89,3 316,4 -175,5 -154,2
Source: World Bank Kazakhstan spreadsheet
* Agency of Statistics of Kazakhstan
10. Balance of Payment composition
90
EXPORTS goods
80
EXPORTS services
70
60 EXPORTS total
50
IMPORTS goods
40
30 IMPORTS services
20 IMPORTS Total
10
0
2005 2006 2007 2008 2009
Domestic Demand
100 Private Consumption
Government consumption
50
Gross fixed capital formation
Total domestic demand
0
2005 2006 2007 2008 2009
11. Eni in Kazakhstan
Eni has been operating in Kazakhstan since 1992 in the exploration and
production of hydrocarbons and in the oilfield services, construction and
engineering sector.
MODE OF ENTRY
Joint Venture Greenfield
Kashagan Field Consortium (16.8% stake) ENI’s subsidiary Agip KCO
Caspian Pipeline Consortium (2% stake) and Saipem’s subsidiaries,
NCOC (one of 7 consortium partners) off-shore platforms, plants
KPO Consortium (32.5% stake)
Karachaganak field co-operation (21%)
In 2009, Eni produced 115,000 barrels of oil equivalent per
day, including 70,000 barrels per day of oil and condensate
and around 7,3 million cubic metres per day of natural gas.
12. FDI dynamics in Kazakhstan
FDI
(ln billions USD) 2004 2005 2006 2007 2008 2009
FDI net Inflows (BoP, current USD) 4,15720849 1,97121763 6,27816796 11,1190366 15,7797717 12,6007605
FDI NET (BoP, current USD) 5,43615368 2,11707781 6,66285548 7,96590328 14,7831491 9,52570362
13. Vertical FDI Determinants
ENI fragmented its value chain and set up in Kazakhstan these upstream activities:
Exploration & Production
North Caspian Sea Production Sharing Agreement - Kashagan
It defines the terms and conditions for exploring, developing and utilizing the Kashagan field (the largest and most
important of the country), which was discovered in the offshore area of the Caspian Sea. Eni was the sole operator,
up to January 2009
Karachaganak Situated onshore in the western part of the country, Karachaganak is a giant onshore hydrocarbon
deposit that produces oil, condensate and natural gas
Eni-KazMunayGas cooperation agreement
In November 2009, it was signed for the development of industrial infrastructure and exploration and production in
Kazakhstan
Caspian Pipeline Consortium (CPC) Oil Pipeline
Construction of the oil pipeline that transports oil Kazakhstan to Russia
Engineering & Construction
Saipem S.p.A. is an Italian oil and gas industry contractor. ENI owns approximately 43% of Saipem's
shares. The subsidiary has contracted for designing and constructing several pipelines.
Together with other partners, Saipem has completed various contracts as part of the Karachaganak
project, including the construction of production units, gas treatment plant, equipment for
recovering liquids and condensate and the Karachaganak-Atyrau oil pipeline and relative pumping
station.
14. FDI Determinants
Factor endowments: oil & gas reserves: the country has Firm specific assets such as specific
large reserves of natural gas and production of both oil expertise in oil & gas technology,
and gas is steadily increasing. Moreover, the Caspian management know-how (Model 231”
Sea sector holds other major unexploited oil and
natural gas deposits.
organizational, management and control
Strong evidence: with 1.54 million barrels per day Model), intangible assets, intellectual
(bbl/d) in 2009 Kazakhstan is the most promising property assets.
country among non-OPEC oil producers (such as West Intellectual Property assets are key value
Africa, Russia, Ecuador already considered as Eni’s for Eni:
priority) and it can countervail the Middle East - Eni has developed a model for the
Country determinants
Industry determinants
predominance over oil price management and exploitation of its
Financial risk: even if Kazakhstan is an unstable country
due to corruption, ENI doesn’t take this risk though. In
technological Intellectual Property
fact who actually finances ENI’s camps are the World (patents, trade secrets and software
Bank and the International Finance Corporation that copyright).
granted funds from private banks. Moreover, Agip -Eni's total patent portfolio includes over
might be protected by Italian public capital through the 8,000 patents, protecting about 1,000
export credits agency SACE. inventions.
Strategic position: it is a bridge between Asia and -In 2009 Eni filed 106 new patent
Europe
Knowledge spillovers in exploration and drilling
applications: an absolute record for Eni.
activities coming from consortium partners Factor intensity:
Agreements signed with the government for oil & gas availability of oil and
exploration, development ,exploitation and production gas reserves
sharing
15. Revealed Comparative Advantage
Source: “Kazakhstan and the World Trade Organization”, “Kazakhstan’s Revealed Comparative Advantage vis-à-vis tue EU-27”, ECIPE – European Centre for
International Political Economy, March 2008
EU is Kazakhstan’s first trade partner and the economic trade relations between Kazakhstan and the EU are
becoming increasingly important.
The analysis is based on the Balassa index of Revealed CA and calculated for the period 1999 to 2006.
Results:
Kazakhstan retains a comparative advantage mainly in the energy and mineral sectors. Moreover, mineral fuels
account for over 80% of exports, where RCA>1. In fact oil and minerals have been driving force of the country’s
economic development over the past decade and a half.
EXPORT Minerals and
Fuels RCAi1 = >1 RCAi2= >1
Year % share on total
EU-27 export
Kazakhstan’s exports advantage with Kazakhstan’s CA with respect to intra EU-
1999 51,33
respect to world exports into the EU-27 trade between 27 member states
2000 71,83
2001 70,06
2002 78,75
2003 80,24
2004 84,81
2005 87,71
2006 83,49
Changing trends of
revealed CA over
time for index RCA1
16. Host Country Effects
• Oil and gas production bears on annual GDP for the 15% and ENI is one of the largest
employer in Kazakhstan.
• Unemployment/employment: in 2008 country recorded a decrease in unemployment
rate (7, 3%) from 2006 (8,1%) to 2009 (6,6%) whereas the employment rate has
increased mainly in unskilled and labour intensive sectors and predominantly in oil
and gas field.
• Mining industry: in 2008 mining industry, represented only by seven big companies,
grew at 5,3% ($52bil) mainly due to the oil extraction.
• Wages: monthly nominal salary of mining industry is $730. One of the highest after
those of the financial sector whereas the average gross monthly nominal salary in
Kazakhstan is $420 (on 2010 USD).
• ENI’s activities in Kazakhstan have contributed to make the energy sector as
the leading economic one throughout the years.
In fact significant amount of crude oil and natural gas condensate
production comes from the Kazakhstan’s oil and gas basins.
17. Host Country Effects -
On local communities and workers
- Investments for local communities €32.604.142
- Spillovers: contribution on country’s industrial modernization and on employees
training activities through technological transfer. Development of “local content
program” in which Eni helps local companies to get quality certifications.
- The most significant initiatives are several infrastructure works, such as:
• the rehabilitation and upgrading of health and school facilities,
• the implementation of public works and social infrastructure
programs
• projects to supply natural gas and water to urban and rural areas
not reached by the distribution networks
- Education subsidies such as 42 scholarships and internships for 450 students
KPO Program for all ENI’s employees in Kazakhstan, the latest initiative was “The
comprehensive program for developing intercultural competence”
- “Craft Training Program” to reintegrate unemployed people through specific training
activities, such as maintenance specialists for the Atyrau Centre
- Partnerships with the main Italian universities to encourage the international exchange
- Adoption of the Safety Watch Scheme and the 12 Golden Rules to prevent from working
accidents.
18. ENI’s distinctiveness:
Energy for Development
“By working we have built a culture of diversity.
Living with other people helps to develop a distinctive culture
based on the key concepts of a respect for the rules - a guarantee for
everyone's safety - and respect for diversity and for people - given
that any command system must be based on the knowledge that
everyone has an important role to play, regardless of their position.
Eni's corporate culture is now at the service of its commitment to
Sustainability.
The company's objective of creating value is closely linked to the
social and economic development of the countries and the
communities we operate in.
We take responsibility for the environment we share with the
inhabitants of the countries where we operate, and the safety and
wellbeing of everyone who works with us is key to our success.
All this means for us Energy for Development”