Gulf countries forced to look beyond oil

Article Abstract:

Persian Gulf nations are slowly adopting economic reforms and restructuring their economies as oil revenues become deflated and countries seek other sources of income. Most nations in the region have decreased government spending, worked to boost non-oil revenue and adopted privatization schemes that reduce deficits through sale of state enterprises. Oman emphasizes long-term planning and will soon finalize the sale of its sewer system, the first major utility infrastructure privatization in the Middle East. It will set up a concession company to take over Muscat Wastewater Treatment Consortium. Bahrain, whose state-owned companies are profitable, is nevertheless somewhat reluctant to privatize and plans to sell of new industrial areas. Kuwait will soon privatize Petrochemicals Industries Co (PIC), its main oil company.

United States, Government domestic functions, International economic relations, Forecasts and trends, Persian Gulf

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France begins 1996 privatisations with Total

Article Abstract:

The government of France has raised 3.1 billion French Francs (FFr) via the sale of 4%, or 9.5 million shares, of oil company Total. Lehman Brothers and Credit Lyonnais managed the share offering. The government, which will retain a 1% holding, is planning to raise FFr22 billion via privatisations during 1996. Other planned sell-offs include Thomson, Union Europeene de CIC; Societe Francaise de Production; and Pechiney.

France, Securities, TOTAL S.A., Pechiney S.A., Thomson S.A., Societe Francaise de Production et de Creation Audiovisuelles

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Inaugural Petroperu sales

Article Abstract:

The privatisation commission in Peru, Copri, has made the successful inaugural sale of Petroperu's La Pampilla refinery and Blocks 8-8x oilfields, despite opposition to the privatisation of Petroperu. A consortium led by REpsol of Spain offered $180.5 million for the 60% holding. Pluspetrol of Argentina offered $142.2 million for the 8-8x blocks.

Management, Peru, Petroleos del Peru S.A.

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