National Oil Companies - Evolution, Issues, Outlook
Article from: OGEL 2 (2004), in Good Governance
Introduction
Oil is of special importance to developing countries. It accounts for very high percentages of GDP, government revenues and foreign exchange earnings in many of the countries where it is produced. In importing countries, it typically accounts for a significant share of foreign exchange expenditures and, in all countries in the developing world, taxes on oil consumption contribute importantly to fiscal revenues. How well the oil sector performs in these countries depends critically on industry structure and patterns of ownership. More often than not, the national oil company (NOC) ...