Naslov
Privatisation of the Oil and Gas Industry in Croatia and SEE: Assessment of Impacts

Autori
Čučković, Nevenka ; Jurlin, Krešimir ; Vučković, Valentina

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
9th International Conference CHALLENGES OF EUROPE: GROWTH AND COMPETITIVENESS- REVERSING THE TRENDS, Conference proceedings Split-Bol May 26-28 2011 / Reić, Zlatan ; Šimić, Vladimir - Split : Ekonomski fakultet Sveučilišta u Splitu, 2011, 157-183

Skup
9th International Conference CHALLENGES OF EUROPE: GROWTH AND COMPETITIVENESS- REVERSING THE TRENDS

Mjesto i datum
Bol, Hrvatska, 26.05.2011. - 28.05.2011

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Privatisation ; Regulation ; Competition ; Performance indicators ; Oil and Gas Industry

Sažetak
In the last twenty years, many mature western market economies as well as post-socialist countries have pursued privatisation of the enterprises in the public utilities and service sectors (telecommunications, oil and gas industry, electricity, water supply, railways etc) that were traditionally in the state ownership and whose goods and services were generally provided by the state for many decades. The countries of South East Europe, including Croatia have also followed that path but with considerable time-lag. In these sectors which are often characterised by monopolistic market structure careful regulation prior to privatization proved to be crucial in order to protect consumers and prevent market abuse by the new private owners. Introduction of well regulated market framework was necessary even in the markets without monopoly but with oligopolistic or limited competitive market structures. More reliance on private companies in provision of goods and services in the utilities and public service sectors have brought different beneficial effects and some economic and social gains, however accompanied at the same time with some costs and social repercussions. The cost-benefit balance sheet nevertheless seems uneven and the costs and benefits differ for different categories of beneficiaries (consumers, employees, state, private owners, shareholders and stakeholders, etc, ) The paper aims at identifying underlying economic and social impacts of privatisation within the oil and gas industry on the business performance and corporate efficiency, the quality of the management, quality of services delivery, prices ; equity, investment and employment. In establishing these impacts, the research strives to assess and identify the general economic and social gains of privatization transactions in the public sector in Croatia so far. The text will focus on experiences of privatisation of the Croatian INA oil and gas industry and analyse if expected benefits and improvements in company performance were accomplished in the post-privatisation period. The results would be analysed also in comparison to the selected countries of Western Balkans and new EU member states. The analyses would attempt to find out if bringing in the strategic foreign investor MOL (Hungarian Oil and Gas Company) into the INA’s ownership and management structures resulted in visible improvements of company’s business performance to the benefit of the consumers, employers as well as the Government as a residual owner of the company. We examine selected performance indicators in several areas of company post-privatisation business performance, including revenues, investment rates, profit rates, earnings per employee, level of employment, quality of services, prices, etc. The period under review is the immediate period after privatisation of the initial government stake of 25% plus one share and gradual acquiring of control by MOL i.e. the power to exercise decisive influence on INA (2004-2009), but whenever possible the data horizon is expanded to better perceive the starting position. Apart from the quantification of the effects, the assessment of the impacts would also be based on the range of qualitative indicators collected through field research.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA