The Oil Sector Sample Clauses

The Oil Sector. Oil itself is by far the largest of Azerbaijan's exports, and in time, oil and petroleum products have the potential to enrich the nation. Oil itself is not a focus of this study. Clearly, to the degree that exploration and production of oil are viable, major international oil companies work to finance and exploit this resource. The equipment industry is more relevant to the present study. This once-huge industry used to supply the majority of the equipment used in the Soviet bloc. There are at least manufacturing operations within the industry, most of them under the umbrella of a very large SOE, With the collapse of the Soviet system and the entry of Western oil companies, substandard equipment quality became a major issue and the local industry greatly declined. This industry should be a priority for revitalization, because it has a very large local market in the Azeri offshore fields, and a large regional onshore market in Presently, serious American-led efforts are underway to bring equipment quality up to API standards and to secure foreign investment. Delay in the privatization process is a constraint. No foreign investor would consider acquiring the entire SOE. It must be broken up and sold off.
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