Reinventing National Oil Companies
New “international” NOCs are set to rewrite the rules of the energy industry.
By Francois Austin and Jad Dib*
Saudi Arabia’s national oil company (NOC) Saudi Aramco last month paid $2bn for 28% of a South Korean oil refining and marketing firm. In May, state-owned Turkish Petroleum said it will buy 10% of Azerbaijan’s Shah Deniz field and the South Caucasus pipeline from Total for $1.5bn. In...